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.
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