47% Of Women Saved Less For Retirement In The Wake Of COVID-19 – InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Top Stories
Topics
    • Life Insurance
    • Annuity News
    • Health/Employee Benefits
    • Property and Casualty
    • Advisor News
    • Washington Wire
    • Regulation News
    • Sponsored Content
    • Webinars
    • Monthly Focus
  • INN Exclusives
  • NewsWires
  • Magazine
  • Free Newsletters
Sign in or register to be an INNsider.
  • INN Exclusives
  • NewsWires
  • Magazine
  • Free Newsletters
  • Insider
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Newsletters

Get Social

  • Facebook
  • Twitter
  • LinkedIn
Advisor News
Top Stories RSS Get our newsletter
Order Prints
January 13, 2022 Top Stories No comments
Share
Share
Tweet
Email

47% Of Women Saved Less For Retirement In The Wake Of COVID-19

A new survey finds the highest rate of saving in the Northeast.
By Doug Bailey

Add saving for retirement to the list of things that COVID-19 has impacted, according to a new survey from the personal finance website The Penny Hoarder.

The survey of more than 1,000 people in October found disparities in age groups, gender and even geographic areas in the way people are approaching retirement savings during the pandemic era. While overall a majority of those surveyed, 67%,  said they’ve made no change in how much they’re saving, the rest of the survey was split almost equally between those who said they were saving less (17%) and those who said they were saving more (16%).

The biggest disparities in the data occurred geographically with 44% of residents in the Northeast saying they were saving more for retirement, while only 18% in the West and Midwest saved more.

About 14% of respondents in the South said they were saving more while 31% said they were saving less. The Penny Hoarder attributed the small showing from residents in the South to disruptions in the tourism industry and lower median wages in Southern states compared with Northeastern states.

Gender differences were also revealed as 59% of men said they are putting more away for retirement compared with only 41% of women saying they were. Perhaps that’s not surprising given that women were more likely to work in sectors hardest hit by pandemic closings, such as retail and hospitality.

Unemployment rates for women were higher than men during the pandemic, according to the Bureau of Labor Statistics, and since most people save for retirement through employer-sponsored vehicles, participation rates faltered.

“Less workforce participation, makes it particularly challenging for women to boost their savings,” the survey concluded.

A similar survey in September of 2,000 parents found that nearly one in five said they had to quit a job due to high child care costs — “finding it made more sense to leave the workforce entirely than to pay for daycare or babysitters.”

Millennials were the age group saving more for retirement in response to the pandemic, the survey showed. Thirty-five percent of those saving more were between the ages of 25 and 34. Meanwhile, of those who said they were saving less nearly one fourth were members of Generation X, those between the ages of 45 and 54.

The website concluded its survey showing how Americans are struggling to save enough money, and were already having difficulties in saving before the pandemic hit. But also it shows how uneven the recovery has been.

“The economic turmoil of the pandemic underscored some critical investing for the long term, including keeping calm during turbulent markets and using market slumps as an opportunity to invest when prices are low,” The Penny Hoarder said.

Doug Bailey is a journalist and freelance writer who lives outside of Boston. He can be reached at [email protected].

© Entire contents copyright 2022 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.

Older

Western & Southern Completes Accelerates Digital Expansion Through Fabric Acquisition

Newer

Building a Winning Talent Strategy – with Alison Salka

Advisor News

  • The wealth effect cuts both ways
  • Advisors and consumers agree on need for retirement income planning
  • For Americans, 2021 delivered healthiest finances in 8 years
  • ‘Spring Cleaning’ Includes Your Client’s Finances, Too
  • Retirement Savers Remain Confident Despite Short-Term Woes
More Advisor News

Annuity News

  • Principal Financial Group closes annuity reinsurance transaction
  • McDowell County man hits $2 million lottery jackpot
  • AIG back on top of first-quarter annuity sales, LIMRA reports
  • Nationwide To Pay $5.6M For Annuity Violations, NY Regulators Say
  • LibertyMark Freedom Fixed Indexed Annuities Launch
Sponsor
More Annuity News

Health/Employee Benefits News

  • Medicaid-expansion bill clears two committees in the N.C. General Assembly
  • Pandemic, disparities, trust erosion challenge health care
  • Health insurance case goes to Georgia Supreme Court
  • Pennsylvania Bill For Continued CHIP Coverage Gains Committee Approval
  • Oklahoma Medicaid managed care bill passes
More Health/Employee Benefits News

Life Insurance

  • Nationwide adds new index options to IUL Accumulator II 2020
  • Finseca and NAILBA are officially merged
  • Few players propelling huge private equity push into insurance
  • NAIFA symposium provides insight, advice on engaging a more diverse client base
  • NAIFA foundation will support the next generation of financial professionals
More Life Insurance

- Presented By -

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

FEATURED OFFERS

Get Linked INN to your industry Connect with INN on LinkedIn to be first on all the news and insights that matter to your industry.

Press ReleasesAll press releases

  • OneAmerica Commits $1 Million Toward Financial Literacy
  • Transamerica Structured Index Advantage Annuity Offers Investors More Certainty with Upside Growth and Downside Protection
  • Senior Market Sales Creates First-of-Its-Kind Lead Acquisition Platform
  • Growing financial services firm Kuvare opens Des Moines office in East Village, continuing expansion in Iowa
  • BetterLife Selects iPipeline® to Digitally Transform Its Business & Better Serve Future Generations
Add your Press Release >

Topics

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty
  • Advisor News
  • Washington Wire
  • Regulation News
  • Sponsored Content
  • Webinars
  • Monthly Focus

Top Sections

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits News
  • Property and Casualty News
  • AdvisorNews
  • Washington Wire
  • Insurance Webinars

Our Company

  • About
  • Editorial Staff
  • Magazine
  • Write for INN
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2022 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • Sitemap
  • AdvisorNews

Sign in with your INNsider Account

Not registered? Become an INNsider.