📝 Planning for the future is essential, even for younger generations. But does it factor into the thinking of today’s Gen Zs & Millennials? We carried out research with young people across 22 key insurance markets, and learnt that: ➡ Nearly 70% are putting something away for the future, whether into a pensions (33.1%), investments (12.5%) or savings (22.6%). ➡ A quarter of Gen Zs (25.2%) aren’t making preparations because they consider it too early to do so, with a further 13.6% not doing so because of a lack of spare income. ➡ The greatest number of young people making financial preparations for their retirement are found in Taiwan (90.2%), Hong Kong (86.1%) and Singapore (83.5%), while respondents in Australia (51.7%), Spain (54.2%) and Chile (56.5%) are taking least action. Find out more about young people’s retirement preparations here: https://lnkd.in/dqktCNnz
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Investment Administrator for Fund Direct Advisors / We help the savers, planners and dreamers to achieve their goals. / funddirectadvisors.com /
There is more to saving for retirement than income. Saving rates range widely across different demographics, according to a study by the Defined Contribution Institutional Investment Association. A few findings include: * The ratio of average account balance to salary for Black men is 25% below the average balance, while Asian women are nearly 30% above that same average; * Disparities in employee contribution rates show that Hispanic women contribute 9.3% less than the average employee, while their male counterparts contribute nearly 2% more than the average employee; and * Black women are 85% more likely to take out a pre-retirement withdrawal than the average participant, which has been shown in our analysis to be a main driver of account balance disparity. Read the full article below.
Is Income the No. 1 Driver of Retirement Outcomes?
plansponsor.com
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Assistant Portfolio Manager, Patient Capital Management | Advocate for Financial Empowerment & Independence
"Financial stresses that women experience disproportionately, it said, are lower career salaries, higher likelihood of being a caregiver, lower likelihood of having retirement savings plans through their work, and a higher likelihood of having needed to tap into retirement savings for other purposes." The success of women in finance depends on thinking outside the box and figuring out how to help them achieve financial success even if they work outside of a "normal" 9-to-5 career. Investing early and staying invested can help them benefit from the power of compounding. Saving just $250/month can result in a retirement account of more than $2M over a 40 year period. #Retirement #Women #Investing #Equity #Workforce
Women More Concerned about Retirement Security, Expect to Work Longer, Poll Finds
fedweek.com
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Generation Z's Retirement Ambitions: A recent study by Charles Schwab reveals that Gen Z aims to retire at 61. - Of course, challenges like inflation and monthly bills are causing hurdles on their path. - How do you navigate retirement plans in today's economic landscape? --- Kathy Gurchiek SHRM . . . #GenZRetirement #FinancialChallenges #RetirementPlanning #SchwabStudy #FinanceInsight #Benefits #EmployeeBenefits
Generation Z Eyes Early Retirement, Wants Personalized 401(k) Advice
shrm.org
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The gender retirement savings gap in the US is a critical issue that demands attention. In 2021, nearly 20% of women had less than $10,000 saved for retirement, compared to 12% of men. Additionally, 28% more women than men had less than $50,000 in retirement savings. It's time to rethink workplace policies to address the social and economic realities women face. Read more: ://https://lnkd.in/gYPWJMBe.
Gender Retirement Savings Gap Highlights Need for Workplace Savings Policies That Cover All Workers
blog.aarp.org
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🔍 Insights: - Women generally have longer life expectancies. - A longer lifespan necessitates a larger retirement fund. - Gender pay gaps influence retirement savings and future income. - Social Security benefits can vary between genders. - Understanding investment preferences is crucial for effective planning. Women's longer life expectancies impact retirement planning significantly, requiring tailored strategies to ensure financial security. Gender pay gaps and differences in Social Security benefits further underscore the importance of personalized financial planning for both men and women. Understanding these nuances can lead to more effective investment decisions and retirement outcomes. ❓ How do you consider longevity and earning potential when planning for retirement? #FinancialPlanning #RetirementSecurity #InvestmentStrategies https://lnkd.in/gjk2tj-i
Is There A Difference In Retirement Planning For Men And Women?
forbes.com
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"Exploring Global Retirement Trends 🌍💼 The world of retirement is as diverse as the countries we live in. Let's take a deep dive into retirement ages across 45 nations in 2020, as revealed by the comprehensive OECD 2021 report. 📊 Deciphering Retirement Metrics: Before we embark on this journey, let's decode the metrics used by the Organisation for Economic Co-operation and Development (OECD): 🔵 Current Retirement Age: This represents the age at which individuals can gracefully exit the workforce without incurring penalties, provided they've completed a full career journey starting from age 22. 🔵 Effective Retirement Age: On the other hand, this metric signifies the average age at which seasoned workers aged 40 or older bid farewell to their professional lives. A Mosaic of Retirement Pathways: The global retirement landscape is a masterpiece composed of countless unique pieces. Different career start ages, industry-specific perks, and varying national policies contribute to the diversity we witness. 🌟 But here's the twist - personal choices are the secret brushstrokes that add depth to this portrait. Some choose to embrace early retirement due to personal motivations or limited opportunities, accepting smaller pensions or none at all. In contrast, others continue their professional journey if they find enticing opportunities. This makes the retirement picture even more dynamic and unpredictable. 🎨 Across Asia, countries often had minimum retirement ages in the early 60s, but many workers continued their journey well into their late 60s. Contrarily, in most European countries, the U.S., and Canada, the workforce tended to bid farewell earlier than their minimum retirement ages. Unveiling Gender Dynamics: In this global tapestry, there's another layer to the story. Women, in most instances, retired earlier than men. This phenomenon is influenced by a complex interplay of cultural norms, labor force participation rates, and pension systems. The OECD projects a two-year increase in the average effective retirement age by the mid-2060s, signaling a dynamic shift in our global retirement narrative. 🚀
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Retirement can bring both challenges and opportunities for women who have spent years focused on their careers. Check out this article for tips and strategies on how to navigate this significant transition and make the most of your retirement years. https://lnkd.in/gDgNSefc
Women and Wealth: A Pivot Towards Retirement
destinyfg.com
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Following the COVID-19 pandemic, workers’ attitudes may have permanently shifted regarding work-life flexibility, part-time or gig work, and shared caregiving responsibilities, according to a new survey report supplement published by Goldman Sachs. The new crop of data offers additional insights drawn from Goldman Sachs’ annual Retirement Survey & Insights Report, which focused this year on the concept of the “financial vortex” and the way that countervailing personal and economic challenges can leave even affluent Americans struggling to make ends meet. Specifically, the supplement evaluates the distinct retirement planning challenges faced by baby boomers, Generation X, millennials and Gen Z. Details of the study can be found here: https://lnkd.in/gbpy7_vH #retirement #generations #employers #retirementplanning
8 Generational Differences in Americans’ Retirement Planning Worries | ThinkAdvisor
thinkadvisor.com
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Retirement can bring both challenges and opportunities for women who have spent years focused on their careers. Check out this article for tips and strategies on how to navigate this significant transition and make the most of your retirement years. https://lnkd.in/ghveEUMj
Women and Wealth: A Pivot Towards Retirement
destinyfg.com
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Retirement can bring both challenges and opportunities for women who have spent years focused on their careers. Check out this article for tips and strategies on how to navigate this significant transition and make the most of your retirement years. https://lnkd.in/ghveEUMj
Women and Wealth: A Pivot Towards Retirement
destinyfg.com
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