This frightens me. In a recent survey, only 10% of working women surveyed felt confident that they had enough saved to live comfortably in their retirement. True, the downturn of the economy has created uncertainty for everyone—those who are working (and the millions who are not). But before you blame the economy, in 2008 women’s confidence level was just 14%. Good or bad economy, this is an unbelievably low number, and it echoes a confidence crisis we’ve blogged about before.
Women are more likely to live longer (and as a result have higher healthcare expenses during their retirement years), not have a pension, and sorely underestimate how much they’ll need in retirement. Women are more likely than men to think they’ll be reliant on Social Security but then women are more likely to believe the value of this benefit as it’s provided to retirees today won’t be available to them. Can we fix this problem in the next generation? How can we educate our youth and, in particular, the young women of this country? In doing research on this topic, I came across a website targeting the Generation Y and X women, managed by the U.S. Department of Labor (DOL). It’s a start. Readers may also be interested in this special feature from the Wall Street Journal.
Hey, DOL! There’s a surefire way to get the attention of young minds these days … create an app for that!