3 Ways Women Can Close Their 'Retirement Gap'
NEW YORK (TheStreet) -- Women lag behind men when it comes to saving for retirement, but there are things they can do to catch up.
A study last year from Fidelity Investments showed only 24% of women take sole household responsibility for financial decisions (although that is up from 15% in 2011), happy to let their spouse take full control of all financial decision -- including retirement, with 21% of women saying they "have some or no say" in household money decisions, compared with only 14% of men. When couples interact with a financial adviser, men are much more likely to be the primary household contact.
Why the persistent gender gap on big money issues?
"Women need to feel understood before they will take advice," says Pamela Yellen, a New York Times best-selling finance writer. "They need to have confidence they are making the right decision, which means they have a greater need for information, but they are intimidated by many of the usual sources of this information."
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