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Millennial women less financially confident than Millennial men

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A study by the Pensions and Lifetime Savings Association (PLSA) have found that millennial women feel less financially confident than their male counterparts.

This is despite the age group (18-35 year olds) having the smallest gender pay gap of any other generation.

Research of 1,001 millennials across a series of key financial indicators found that only 55% of women were optimistic about their career advancement opportunities compared to 61% of men, and only 26% of women were optimistic about their ability to purchase a home compared to 35% of men.

Additionally, it was found that in the last six months, women were twice as likely to report a salary decrease and felt more pressure to save for the future.

Further Pan-European research earlier in the year found that young women were overall less confident in their financial knowledge and therefore less likely to take calculated risks. This study also mentions the fact that the gender pay gap is smallest among this age group.

However, it was also found that both sexes within this age group felt less able to save (58% of women and 57% of men) and both felt the basic cost of living was higher (88% of women, 85% of men) compared to their parents' generation.

Graham Vidler, Director of External Affairs at PLSA, said: “It is vital that the lack of financial confidence amongst millennials does not discourage [women] from taking advantage of workplace pensions and falling behind when saving for retirement.

"Employers need to ensure that they are engaging with this age group and helping millennials to feel more confidence about their retirement choices.”




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