Millennial men are from the planet of "health and saving money," while millennial women are from the planet of "financial security."

So says a study from Schwab Retirement Plan Services, which found that millennial men and women not only view retirement differently, they differ in how they plan and save for it.

While millennial men are almost evenly split between being concerned about being healthy enough or having enough money to enjoy retirement, millennial women are overwhelmingly more concerned with financial security once they stop working.

Female millennials, the study found, report uncertainty and stress related to saving enough for a comfortable retirement in far greater numbers than their male counterparts.

And females’ concerns about having enough money in retirement are borne out in their anticipated age of retirement. Roughly a third (31 percent) of millennial women think they will still be working at age 70, compared to just 22 percent of millennial men who feel the same way.

That indicates that these women believe they’ll need a few extra years of income to ensure a comfortable retirement.

When asked which concerns them more, being healthy enough to enjoy retirement or having enough money to enjoy retirement, 54 percent of millennial men and just 30 percent of millennial women surveyed say being healthy is the greater concern.

Forty-six percent of men and 70 percent of women, the overwhelming majority, say having enough money is the greater concern.

And they’re worried more about money despite the fact that male and female millennials say they are in good shape, physically and financially, in virtually equal numbers.

Eighty-six percent of millennial men and 84 percent of millennial women report being in good personal health, and 77 percent of millennial men and 79 percent of Millennial women report being in good financial health.

The survey also found a large confidence disparity between millennial men and women when it comes to their own retirement preparedness. More than half of millennial men (55 percent) believe they are saving enough to retire when they want to, compared with just 42 percent of women.

Instant Insights /

Millennial men, women differ on retirement planning and saving

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