Only about 20 percent think the average American can retire at 65. Despite encouraging trends, such as increases in the minimum wage and low unemployment levels, nearly 30 percent cite low wages as a serious challenge to being able to save for retirement.
In fact, 40 percent of people surveyed by Stash are not putting aside anything for their future retirement.
Many of the findings were a surprise, yet the most troublesome trends had to do with women’s savings habits, says Dale Sperling, chief marketing officer of Stash.
Women may deal with more household and family related expenses, or it may be gender wage gaps. “Women, overall, report saving less money for retirement than men each month,” Sperling said.
Worse, women’s retirement savings take a dive when they are in their mid-30s and early 40s, compared with younger women. “They pick it back up again once they’re 45-plus,” Sperling said.