Affluent women are much less confident
about their retirement savings than their male counterparts, according to a new study by Wells Fargo.
The study of affluent Americans found that the least confident group was single women, while married men were the most confident demographic.
Female respondents had median retirement savings
of $250,000, compared to a median of $400,000 among men. Additionally, women estimated they needed a median of $500,000 to retire, compared to a $750,000 median for men, the study said.
Thirty-one percent of women surveyed said they are not confident they will be able to afford their preferred lifestyle during retirement, compared with 18 percent of men, according to Wells Fargo.
Nearly one-quarter (23 percent ) of all respondents expressed a lack of confidence that they will be able to save enough
“We are not coming to grips with the fact that we’re going to have to use our savings and we’re going to have to decumulate,” said Wells Fargo Director of Retail Retirement Karen Wimbish. “It’s shifted from a corporate government retirement environment to a very personal retirement environment, and I don’t think people have come to grips with what that means for them.”