A new study from financial education and counseling company Financial Finesse highlights the practical implications of the greater retirement savings shortfalls female employees face for numerous reasons, which result in a gender-based financial “confidence gap.” However, the study also shows that women are more likely than men to utilize retirement-planning services offered by employers.
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According to a press release , Liz Davidson, CEO of Financial Finesse, says this year’s annual “Gender Gap in Financial Wellness Report” sounds the alarm that in general, working women will need to save more—and at a much faster pace—to satisfy the average cost of expenditures in retirement.
For those seeking to address the gender gap in financial wellness within their own workforces, Davidson provides these three tips.