U.S. Department of the Treasury Highlights Need for Improving Women’s Retirement Security

The U.S. Department of the Treasury recently highlighted the increasing importance of improving retirement security for women, in a featured article “Spotlighting Women’s Retirement Security.” The article by Suzanna Fritzberg, Deputy Assistant Secretary for Consumer Policy, and Ksenia Shadrina, Senior Policy Advisor, Equity Hub, reveals that women face unique challenges in building retirement savings—often due to lower lifetime earnings, time spent out of the workforce and a longer life expectancy. These factors contribute to a retirement savings gap that places women at a disadvantage compared to men.

“Spotlighting Women’s Retirement Security” emphasizes the need for targeted solutions to address these challenges, encouraging policies that can empower women in their financial futures. For example, workplace retirement plans, Social Security enhancements and expanded financial literacy programs are crucial components of the solution. These measures not only support women’s ability to retire comfortably but also have the potential to alleviate financial anxiety throughout their working years.

The U.S. Department of the Treasury article has similar findings and advice to that outlined in our Logica® Future of Money Study, especially when it comes to the employer’s role in supporting employees. Employers can play a pivotal role by offering more inclusive and accessible retirement benefits. This includes ensuring women have opportunities to participate in employer-sponsored retirement plans—offering personalized financial guidance and educating employees about the importance of retirement savings. By focusing on these efforts, businesses can contribute significantly to closing the retirement savings gap for women.

The article also highlights the importance of governmental and organizational initiatives working together to create a more secure financial future for all women. With increasing attention to women’s retirement needs, both the public and private sectors have a unique opportunity to drive meaningful change.

You can read the full article here. To find out more about our Logica® Future of Money study, and finding around retirement savings and employer support, go here.