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Does financial self-efficacy explain gender differences in retirement saving strategies?
Bernadette E Dietz1, Mark Carrozza, P Neal Ritchey
1University of Cincinnati-Clermont College, 4200 Clermont College Dr., Batavia, OH 45103, USA. Bernadette.Dietz@uc.edu
Journal of Women & Aging
|January 31, 2004
Summary
Women are less likely to use employer-sponsored retirement plans due to occupational differences, not private plans. This research explores gender disparities in retirement savings preparation.
Area of Science:
- Economics
- Sociology
- Retirement Planning
Background:
- Women face greater financial challenges in retirement compared to men.
- Limited research exists on gender-specific utilization of retirement savings vehicles.
- Understanding these differences is crucial for financial planning and policy.
Purpose of the Study:
- To investigate gender disparities in the use of employer-sponsored and private retirement plans.
- To identify factors contributing to observed gender differences in retirement plan usage.
- To explore the role of social status, human capital, occupation, industry, and financial self-efficacy.
Main Methods:
- Comparative analysis of retirement plan usage between genders.
- Statistical examination of factors influencing plan selection.
- Assessment of occupational and industry-related variables.
Main Results:
- No significant gender difference was found in the utilization of private retirement plans.
- Females were less likely to participate in employer-sponsored retirement plans.
- Occupational differences were the primary factor explaining the gender gap in employer-sponsored plan usage.
Conclusions:
- Gender disparities in retirement preparedness are significantly influenced by occupational segregation.
- Employer-sponsored plans show a gender gap primarily driven by job type, not private savings.
- Targeted interventions addressing occupational barriers may improve retirement savings equity for women.
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