Survey sheds light on retirement saving patterns for women amid pandemic

Catherine Collinson of Transamerica Center for Retirement Studies at Marketplace Studios in Los Angeles, CA. (Photo credit: Transamerica Institute)

Catherine Collinson, the CEO and president of nonprofit Transamerica Institute and its operating division Transamerica Center for Retirement Studies, says over the past 50 years women have tremendous strides in terms of educational attainment and career opportunities — but a retirement savings gap remains.

Data suggests that 50% of women ages 55 to 66 have no personal retirement savings, compared to 47% of men.

In addition, women who are saving for retirement aren’t saving as much as men.

“The gap is still greater among women of color than it is for white women, so we have to work even harder on our diversity, equity, big underscore equity and inclusion,” said Collinson on Thursday’s edition of “Closer Look.”

For “Closer Look’s” Paycheck to Paycheck” series Collinson further talked with program host Rose Scott about the survey findings of the “Life in the COVID-19 Pandemic: Women’s Health, Finances, and Retirement Outlook 21st Annual Transamerica Retirement Survey of Workers.”

The new report sheds light on the pandemic’s impact on women’s health, financial well-being and retirement preparations amid the pandemic.