Women are apparently $1-million behind at retirement in comparison to men. This is a statistic I would rather not write but new research suggests there is a lot of truth to this number.
According to a new paper by Merrill Lynch and Age Wave, despite all the progress women are making economically and the media coverage and social momentum around women’s power and equality, we still have a really long way to go on money.
The study surveyed 3,707 people — 2,638 women and 1,068 men — based on their earnings from ages 23 to 65.
It found that women are about more than the bottom line. They also see money as a way to finance the life they want to live—to meet their commitments to themselves and to the people and issues they care about.
First and foremost, women report that when it comes to money, family is their priority; 77 per cent of women say they see money in terms of what it can do for their families.
When it comes to investing, about two-thirds (65 per cent) of women say they want to invest in causes that matter to them.
In fact, more than half (52 per cent) of women investors are interested in or currently engaged in impact investing, generating financial returns along with social returns, compared to 41 per cent of men.
Women also see the link between their finances and their careers. The majority of women (84 per cent) say that understanding their finances is a key to greater career flexibility.
Their bottom line: They want their relationship with money to be linked to their values, goals and priorities.