Much is said about the wage gap between women and men in the United States, with the American Community Survey's latest data showing that as of 2020, women earn only 82 cents to a man's dollar, a figure that has only marginally increased over the last decade.
But a new study from insurance advisor Willis Towers Watson suggests that more attention should be paid to the wealth gap — specifically, the wealth gap at retirement. According to their Global Gender Wealth Equity Report, American women had, on average, only 75% of the wealth at retirement as their male counterparts did. The wealth gap was even larger amongst more senior workers, as in leadership and executive positions, women had only about 62% of the wealth of male retirees. On the other hand, in frontline operational roles, women stored about 89% as much in retirement savings as men.
Some of the main reasons the researchers noted for the difference included wage inequality and disparities in career advancement opportunities. In the case of more senior workers, the wage gap was a particularly important factor driving wealth inequity, experts noted.
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