Fewer women than men have formal investment plans in place for retirement and are less likely to be putting money away, a new study finds.
Women appear to be significantly less prepared for retirement than men, with women with retirement plans holding on average about $41,000 less in retirement savings, according to the ING Retirement Research Institute.
"It is clear that many women -- regardless of their age or life stage --must do more to save for their retirement," said Maliz Beams, CEO of ING U.S. Retirement. "The combination of living longer and saving less can hamper a woman's ability to reach her goals."
The study found that fewer women (25%) than men (33%) have a formal investment plan to reach their retirement goals. In addition, 56% of women do not feel financially prepared for retirement, compared to only 42% of men.