Schwab Retirement Plan Services, Inc. conducted a nationwide survey of 25- to 35-year olds who participate in a 401(k) plan. The results revealed that millennial men and women approach planning and saving for retirement very differently. When asked about if they are concerned about being healthy enough to enjoy retirement, 54 percent of millennial men said this was a large concern. Only 30 percent of millennial women were concerned about this. This is particularly surprising despite the fact that both millennial men and women reported being in good shape physically. Approximately 86 percent of millennial men and 84 percent of millennial women reported being in good health.
Millennial women were far more concerned than millennial men about having enough money to enjoy retirement. Seventy-nine percent of millennial women reported that this was a concern for them. Only 46 percent of millennial men reported this being a concern. Despite the significant differences, both millennial women and men reported being in a good financial health. Seventy-nine percent of millennial women and 77 percent of millennial men said they were in good financial shape.
Not knowing how much to save for retirement appears to be an issue for both millennial men and women, but more for women. A little over half of millennial men (55 percent) reported that they felt they were saving enough to retire when they wanted to. Only 42 percent of millennial women felt this way.
The aforementioned numbers likely relate to confusion, uncertainty, and ambiguity regarding 401(k) investing. Specifically, 61 percent of millennial women and 44 percent of millennial men reported not knowing what their best 401(k) investment options are. Approximately 55 percent of millennial men and only 36 percent of millennial women reported feeling on top of their 401(k) investments. In addition, just over a third (35 percent) of the men and 42 percent of the women reported feeling 401(k) investing-related stress.