In recognition of National Retirement Security Week, T. Rowe Price released “Women on Retirement: Stories to Empower,” a seven-part, documentary-style video series created to help women navigate the unique challenges they face when saving for retirement.
Women often experience competing priorities and barriers when it comes to their financial future, including lower wages, a longer life expectancy, and fewer years in the workforce compared to their male counterparts, T. Rowe Price notes.
T. Rowe Price’s 2015 Retirement Spending and Saving study found that Millennial women had significantly less money saved in their 401(k)s―a median account balance of $10,600 compared to $22,200 for Millennial men. Additionally, the study found that women were contributing less of their salaries to their 401(k)s―a median of 5%, compared to 7% for men.
T. Rowe Price’s 2016 Parents, Kids & Money study asked parents how knowledgeable they felt about money and investing. Women were significantly less likely to say they felt knowledgeable about money (67% compared to 78% of men). The difference was even more extreme when women were asked about investing, with only 35% of women saying they felt knowledgeable, versus 62% of men.
Through seven short videos, 23 women share their real-life experiences and challenges as well as advice about how women can take control of their finances. Each video is tailored to a specific topic or issue often faced by women, including investing, retirement saving advice for Millennials and single women, and how to balance finances when faced with conflicting priorities.
Aimee DeCamillo, head of T. Rowe Price Retirement Plan Services, Inc., says: “National Retirement Security Week is an opportunity for companies to evaluate how well they are preparing their employees for retirement. Women in particular have unique challenges that employers can address through plan design and education.”
The video series may be found here.