Women feel more stress about their finances than men, according to the latest survey from Bank of America Merrill Lynch. In its 2018 Workplace Benefits report, 47 percent of women say they are “less than financially well,” compared to 29 percent of men.
Women’s top worries include running out of money in retirement (71 percent compared to 58 percent of men), having to work longer than planned, (61 percent compared to 51 percent of men), becoming ill and being unable to work (58 percent compared to 52 percent of men), and needing to support family members (46 to 38 percent of men).
The BOA Merrill Lynch study also looked at the effectiveness of financial wellness programs in the workplace.
Overall, the study found, women have an average of $119,000 in investable assets compared to $196,000 for men. They also lag men when it comes to the amount they contribute to their 401(k).
Women have something to worry about, another Merrill Lynch survey shows. Women could have up to $1 million less in total lifetime earnings than men. Interruptions in their careers and higher healthcare costs make saving more imperative.
Higher health care costs alone account for an extra $194,000 more in funds needed by women vs. their male counterparts, reports Forbes, citing the study. The survey also found that most women lack investment knowledge. Sixty percent reported not having knowledge to invest as their top barrier. Although women felt as confident as men in completing financial tasks such as paying bills (90 percent), only about half (52 percent) were confident about investing, compared to men (68 percent).
Another survey by Finance Finesse found that women felt more confident about handling household budgets, but less confident when it came to thinking about long-term financial investment.