The average American man has more saved in his 401(k) and savings accounts than the average American woman, a study conducted by Newsweek found. The poll of 1,000 Americans discovered that men have about $200,000 dollars in savings…about twice as much as women. “Men earn more on average than women,” Donna Stefans of Stefans Law Group PC said. “Women are also more likely to be caregivers, which, in turn, takes time away from paid work…This makes it absolutely more difficult for a woman in retirement who has had less time and earnings to save.” Women may also let their money sit in the bank, instead of investing. (Talker Research)
Phone Topic: Who is the most financially responsible person you know?