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Nearly 1 in 5 Working Women Have Nothing Saved for Retirement

Michelle Fox from CNBC spoke with Lazetta about steps women can take to help save for retirement.

When it comes to saving for retirement, many working women are falling short.

Almost one-fifth, or 19%, of working women have nothing saved for retirement, according to a new CNBC/SurveyMonkey Women at Work Survey. The poll surveyed 1,068 working women in the U.S. from Feb. 10-14.

“It’s not because women don’t save because they spend too much,” said certified financial planner Avani Ramnani, who called the numbers “scary.”

Instead, the problem stems from the fact that women still earn less than men, she said.

As of 2018, women earned 85% of what men make, according to a January Pew Research Center analysis.

“If you earned that much less — and it’s not like your expenses are any fewer — that has a direct impact on the amount of money you have saved for your retirement,” said Ramnani, director of financial planning and wealth management at Francis Financial in New York.

The survey also found that 14% didn’t know how much money they had put away.

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