We have embarked on a series of studies to understand potential gender differences in financial behavior of plan participants. These include topics such as retirement, stock ownership, health and education.
The adverse economic consequences of the pandemic disproportionally affected women. Women have dropped out of the workforce at record numbers to take on additional caregiving responsibilities. We have updated our study which examined data as of Dec-2019 and Mar-2021 with data as of Apr-2022. Our analysis shows that:
- Participation rates of women remain lower than those of men.
- Women and men contribute at the same rates.
- Women continue to invest more conservatively. However, both women's and men's allocations to equity have increased.
- Women continue to claim hardship at greater rates and have higher loan-to-balance ratios than to men.
- 401(k) balances of women continue to lag those of men.