Almost 1 in 4 women (24%) reported that their financial wellness is worse today than two years ago, compared to only 17% of men who said the same, according to a recent survey.
The pandemic and resulting economic volatility have made women more aware of, and focused on, their short and long-term financial wellness. www.tiaa.org
Nearly 40% of women say they don’t not have anything saved for retirement. The TIAA survey showed glaring examples of how women face bigger challenges than men when it comes to both their short- and long-term financial futures:
• More women (25%) say they carry an “unmanageable level of debt” compared to 17% of men.
• More women (29%) struggle to pay monthly bills, including utilities, rent, loan payments and credit cards. For men, it was 19%.

Far fewer women (31%) are saving for retirement, compared to men (44%). And the pandemic has made matters worse, as nearly two million women have left the workforce since 2020. Women also retire about two years earlier than men, but typically live longer. The net result of all these factors is that women’s retirement savings and investments generate about 30% less income than men’s once they stop working, and women also face a greater risk of running out of money in retirement.
Women are behind in retirement planning and the gap between the financial wellness of men and women continues to widen. According to the survey:
 63% of women say they have any money saved toward retirement, compared to 80% of men.
 44% of men say they are currently saving towards retirement compared to 31% of women.
 35% of men are confident their retirement savings are on track to live comfortably throughout retirement without running out of money, compared to 19% of women.

Shelly-Ann Eweka, Senior Director of Advice Strategy at TIAA, discusses this latest survey results and why it’s important for employers to take the necessary steps toward empowering women to learn more about their financial wellness before they reach the age of retirement. Eweka will also outline how research shows that employers must take a tailored approach to support women improve their financial well being and close the retirement gap.

Interview courtesy: TIAA

NO SECRET THAT DURING THE PANDEMIC, WOMEN SUFFERED MUCH MORE FINANCIALLY THAN MEN, BUT A NEW SURVEY SHOWS HOW THIS COULD IMPACT THE REST OF THEIR LIVES.

TODAY, ONLY 19% OF WOMEN FEEL CONFIDENT THEY’RE ON TRACK TO LIVE COMFORTABLY THROUGHOUT RETIREMENT WITHOUT RUNNING OUT OF MONEY.THAT’S BARELY HALF THE NUMBER OF MEN WHO FEEL THAT WAY.

AND ONCE WOMEN STOP WORKING,THEIR RETIREMENT SAVINGS AND INVESTMENTS GENERATE ABOUT 30% LESS INCOME THAN MEN’S.

HERE WITH A CLOSER LOOK AT THE FINANCIAL WELLNESS GAP AND TO EXPLAIN WHAT WOMEN CAN DO TO TAKE CHARGE OF THEIR FINANCIAL FUTURE, IS SHELLY-ANN EWEKA, (EH-WIH-KA) SENIOR DIRECTOR OF FINANCIAL PLANNING STRATEGY AT T-I-A-A.

Bio

Shelly is part of the team at T-I-A-A that helps customers plan their finances so they reach their retirement goals – both before and after they stop working.

She’s an industry leader who serves as an expert on the Woman-to-Woman Community section of TIAA.org., She’s also a member of several organizations within TIAA, including ones for Black and female employees, which create leaders and influence culture.

Shelly has been quoted in U.S.A. Today, Black Enterprise and several national media outlets and financial websites.

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Financial resilience is the ability to withstand life events that impact one’s income and/or assets. Some financially stressful events, such as unemployment, divorce, disability, and health problems can affect people in different ways, and it’s clear that many Americans have been facing short-term money challenges brought about by COVID-19.

A new survey shows say the pandemic has changed their perceptions of what’s important in life as it relates to their finances. For example:
 A majority of adults (nearly 60%) say they have experienced financial stress amid the pandemic.
 About two-thirds now want to save more, view emergency funds as more important than ever, and place more value on being resilient.
 One-third had their employment affected.
 1 in 5 had to tap into an emergency fund.
 1 in 4 took on more debt.

But there are strategies to help everyone achieve financial resilience in today’s climate.

Strategies include:
 Increasing retirement savings: Saving for retirement is a top contributor to financial resilience, yet 60% of respondents report they’re falling behind.
 Having a source of guaranteed lifetime income in retirement: 90% agree it’s important to have source of income that will not run out as they age, but most don’t know how to make that happen.
 Building an emergency savings fund: 77% of individuals now report having emergency savings compared to prior to the pandemic when only 69% said they had savings for emergencies.
 Paying down dept: Nearly 65% of those surveyed say they have some form of debt beyond their car or mortgage.

Shelly-Ann Eweka, Director of Financial Planning Strategy at TIAA to discuss strategies of how Americans can focus on long term financial planning, especially during periods of economic uncertainty. She’ll also reveal details of the Financial Resiliency Survey.
Interview is courtesy: TIAA Financial Services

#american #financial #shelly #ann #eweka #pandemic #resilience #life #events #income #assets #stress #unemployment #divorce #disability #health #covid #finances #emergency #funds #value #economic #employment #debt #tiaa #uncertainty

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