US. Wealth gap, financial longevity major issues facing women, Merrill Lynch study finds
Women have worked hard to gain great strides with their finances in recent decades, but while their earning power has increased, their staying power once they reach retirement age has not kept up. It is clear that the journey women take throughout their lifetime impacts their financial health as they age.
Investing is the single best way to ensure money will be available for a comfortable retirement that will cover health care costs, as well as daily living expenses. However, the Merrill Lynch study “Women & Financial Wellness: Beyond the Bottom Line,” conducted in partnership with Age Wave, revealed that the majority of women regret not investing more. Even more worrisome is that only 52 percent of women feel confident with managing investments compared to 68 percent of men.
“When it comes to investing, there is still plenty of work to be done,” Bloomfield Hills Merrill Lynch adviser Melissa Spickler said. “Women on average live five years longer than men, so it is critical they be financially self-reliant later in life.”
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