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“You’ve come a long way, baby,” was the memorable slogan of the Virginia Slims ad campaign that kicked off in 1968.
Today, more than four decades later, women, particularly women investors, still have a long, long way to go.
Not only do women have poorer perceptions than men of what they need to do to prepare for retirement, the fact that they still earn far less continues to handicap their ability to retire with a decent sum.
A new study conducted by
Instead of women’s salaries rising, evidence shows that they are decreasing; 38% of female workers said they feel they are paid less than male counterparts with the same skills and experience, up from 34% in 2008 and 31% in 2003. And 29% of female workers feel that men have more career advancement opportunities, up form 26% in 2009.
Given that women continue to earn far less than men, they certainly should be more proactive and better educated about saving for retirement-but, clearly, they are not. While a number of asset management firms have developed programs to educate women about retirement and financial planning-including
Thirty-five percent of women think they can get by on less than
And while confidence figures are abysmal for both men and women, they are significantly higher for men, with 17% saying they will have enough money to live comfortably in retirement, compared to 10% of women. Asset firms could do a better job of motivating both sexes to prepare for retirement.
Clearly, women need far more assistance than men.