RALEIGH, N.C. — During Women’s History Month, Spectrum News 1 looked into the gender disparities regarding retirement savings and found men to have a healthy jump over women.
According to data from the U.S. Census Bureau, men have three times more saved for retirement than women.
In fact, in a majority of cases, the study found women to have no retirement savings compared to men.
Financial expert Alex Sutherland out of Raleigh explained how women can take control of their financial future.
Sutherland says the gender income gap isn’t where it needs to be.
“Women right now make 82 cents on the dollar compared to men. On the wealth side, we also know there’s a recent survey that says two-thirds of wealth in the U.S. is going to be controlled by women by 2030,” Sutherland said.
Sutherland recommends women start by knowing their numbers. An easy starting point is the budget.
“You can use apps and websites to help you track those funds, but it’s really important that you have knowledge to help you have control of your finances,” Sutherland said.
A gender pay gap study reveals women earn $1 million less than men over a lifetime and retire with $136,000 less.
“We know that there’s a lot of systematic issues with equal pay and so what’s important is for us to focus on what’s in our control. Put pen to paper, write out a budget, write out your financial goals,” Sutherland said.
Sutherland says if that feels overwhelming, it’s a good time to talk with a financial professional or someone who can listen and help you achieve your financial goals.