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Women not investing enough

Picture: 123RF/ANTONIO GUILLEM

                                                          Picture: 123RF/ANTONIO GUILLEM

 

A new research paper by 10X Investments, titled the SA Retirement Reality Report, shows that women are falling behind men when it comes to investing for their retirement.

While the report found that women are more likely to be savers than men, with 32% saying they saved money versus 28% of men, they were less likely to be investors.

10X found that the proportion of women who said they didn’t have a retirement savings plan increased to 53% in 2020, from 51% last year. While the investment manager said the reason had more to do with a reluctance to invest in savings products than gender-based pay discrepancies, it acknowledged that the latest Stats SA data show that women in this country earn 30% less than men on average.

The 10X report echoes a statement by the World Economic Forum (WEF) earlier this year, which indicated that on average women around the world have about 40% less retirement savings than men.

Another concern highlighted by 10X is that women account for more than half (51.1%) of SA’s population and tend to have a longer life expectancy than their male counterparts, which means they will require a bigger savings pool in their old age.

The report is based on findings of the 2020 Brand Atlas survey, which tracks and measures the lifestyles of 15.1-million economically active South Africans (those living in households with a monthly income of more than R8,000).

This article was first published by Business Day Live on the 18 December 2020.

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