So, who’s more worried about health — and who’s more worried about wealth — in their retirement planning: Millennial men or Millennial women?
A recent survey from Schwab Retirement Plan Services finds there are significant gaps between the way male and female Millennials approach planning and saving for retirement. Though the sampling was small, Millennial men are close to evenly split on whether they are more concerned about being healthy enough or having enough money to enjoy retirement, while Millennial women are overwhelmingly more concerned with financial security once they stop working.
Health Versus Wealth
Asked which concerns them more — being healthy enough to enjoy retirement or having enough money to enjoy retirement — just over half (54%) of Millennial men, but fewer than a third (30%) of Millennial women, said being healthy is the greater concern. In contrast, 46% of men, and more than two-thirds (70%) of women said having enough money is the greater concern. This, even though 86% of Millennial men and 84% of Millennial women report being in good personal health, and more than three-quarters (77% of Millennial men, 79% of Millennial women) report being in good financial health.
In the nationwide survey of people 25 to 35 years old who participate in a 401(k) plan, female Millennials reported uncertainty and stress related to saving enough for a comfortable retirement in far greater numbers than their male counterparts. Both groups are interested in receiving personalized, professional help with their retirement savings efforts, though more women than men expressed a desire for such advice: 79% compared with 67%. That said, more Millennial women than men would also like help with specific aspects of retirement planning, like managing current expenses to save more money for retirement (45% of women and 25% of men) and calculating just how much money they’ll need to save for retirement (65% of women and 52% of men).
Investment Confidence Gap
Only a quarter (26%) of Millennial women feel very or extremely confident in their 401(k) investment decisions when working on their own, less than half the confidence levels expressed among Millennial men (57%). Interestingly enough, with the help of a financial professional, the gap essentially disappears: 76% of men and 75% of women would feel very or extremely confident with the aid of investment advice.
Roughly a third (31%) of Millennial women think they will still be working at age 70, compared to 22% of Millennial men who feel that way. The data shows that more than half of Millennial men (55%) believe they are saving enough to retire when they want to, compared to 42% of women.
Only 36% of Millennial women feel totally on top of their 401(k) investments (compared with 55% of Millennial men), while 42% of women feel a lot of stress about choosing the right 401(k) investments. Only about a third (35%) of men feel 401(k) investing-related stress.
The vast majority — 87% of male and 92% of female Millennials — say they are interested in using a financial wellness program at work.
This online survey of U.S. 401(k) participants was conducted by Koski Research for Schwab Retirement Plan Services, Inc. Koski Research is neither affiliated with, nor employed by, Schwab Retirement Plan Services, Inc. The survey is based on 288 interviews and has a 3% margin of error at the 95% confidence level. Survey respondents worked for companies with at least 25 employees, were current contributors to their 401(k) plans and were 25-35 years old.
A recent survey from Schwab Retirement Plan Services finds there are significant gaps between the way male and female Millennials approach planning and saving for retirement. Though the sampling was small, Millennial men are close to evenly split on whether they are more concerned about being healthy enough or having enough money to enjoy retirement, while Millennial women are overwhelmingly more concerned with financial security once they stop working.
Health Versus Wealth
Asked which concerns them more — being healthy enough to enjoy retirement or having enough money to enjoy retirement — just over half (54%) of Millennial men, but fewer than a third (30%) of Millennial women, said being healthy is the greater concern. In contrast, 46% of men, and more than two-thirds (70%) of women said having enough money is the greater concern. This, even though 86% of Millennial men and 84% of Millennial women report being in good personal health, and more than three-quarters (77% of Millennial men, 79% of Millennial women) report being in good financial health.
In the nationwide survey of people 25 to 35 years old who participate in a 401(k) plan, female Millennials reported uncertainty and stress related to saving enough for a comfortable retirement in far greater numbers than their male counterparts. Both groups are interested in receiving personalized, professional help with their retirement savings efforts, though more women than men expressed a desire for such advice: 79% compared with 67%. That said, more Millennial women than men would also like help with specific aspects of retirement planning, like managing current expenses to save more money for retirement (45% of women and 25% of men) and calculating just how much money they’ll need to save for retirement (65% of women and 52% of men).
Investment Confidence Gap
Only a quarter (26%) of Millennial women feel very or extremely confident in their 401(k) investment decisions when working on their own, less than half the confidence levels expressed among Millennial men (57%). Interestingly enough, with the help of a financial professional, the gap essentially disappears: 76% of men and 75% of women would feel very or extremely confident with the aid of investment advice.
Roughly a third (31%) of Millennial women think they will still be working at age 70, compared to 22% of Millennial men who feel that way. The data shows that more than half of Millennial men (55%) believe they are saving enough to retire when they want to, compared to 42% of women.
Only 36% of Millennial women feel totally on top of their 401(k) investments (compared with 55% of Millennial men), while 42% of women feel a lot of stress about choosing the right 401(k) investments. Only about a third (35%) of men feel 401(k) investing-related stress.
The vast majority — 87% of male and 92% of female Millennials — say they are interested in using a financial wellness program at work.
This online survey of U.S. 401(k) participants was conducted by Koski Research for Schwab Retirement Plan Services, Inc. Koski Research is neither affiliated with, nor employed by, Schwab Retirement Plan Services, Inc. The survey is based on 288 interviews and has a 3% margin of error at the 95% confidence level. Survey respondents worked for companies with at least 25 employees, were current contributors to their 401(k) plans and were 25-35 years old.
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