When it comes to retirement, women are the wise ones.
According to a recent study by Vanguard, women allot more money from their salary to save, and they’re also the ones signing up for more 401(k) plans.
The results showed that out of 720,000 workers, women were 14% more likely to sign up for a 401(k). In addition, Vanguard found that women save 7-16% more than their male counterparts in the office. Keep in mind that women save more for retirement, but men have the higher wages.
Interestingly enough, both men and women apportion similar amounts of money in the stock market. The study also found something that may seem surprising: Men are often afraid to ask for financial help, too. They often skimp away from making long-term financial plans and try to do negotiations without a financial professional. It seems that men think they should know all the answers when it comes to finances, but really, they do not.
Is this trend akin to the stereotype that men are bad at asking for directions? When it comes to the real life game of Monopoly, though, we should all be asking questions.