The days of women claiming that money matters bored them, or that they simply weren’t good with numbers and all that nonsense is receding in the rearview mirror. And they’re embracing work as one way they can be in control of their financial futures.
Catherine Collinson, CEO and president of the Transamerica Institute and the Transamerica Center for Retirement Studies was one of the presenters and discussed data pulled from her organizations most recent report Life in the COVID-19 Pandemic: Women’s Health, Finances, and Retirement. In comparison: Generation Z men workers have set aside $5,000 in emergency savings, with 36% reporting having less than $5,000. Millennial men have saved $5,000, Generation X men have saved $10,000, and baby boomer men have saved $25,000 in emergency savings .
For the women who plan to work past age 65 and/or in retirement, their reasons for doing so are more often financial. Women’s top three financial reasons are wanting the income , concerned that Social Security will be less than expected , and not being able to afford to retire .
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