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Data from marketing campaigns and employer-sponsored retirement plans shows that women are responding more favorably than men to initiatives encouraging retirement saving, especially women aged 18-34,
"The longer-term trends show women are taking retirement savings more seriously and in some instances are now eclipsing men," said
Earlier this year, a campaign sponsored by
While those marketing efforts are gaining traction, the average salary deferral rate for women continues to trail men, 5.37 percent to 5.70 percent of compensation, respectively. However, the deferral rates for women have remained fairly steady since 2010 while the rates for men have declined.
There are differences in deferral rates not only by gender but by industry and geography:
- The states with the top three average salary deferral percentages among women were
Montana(8.56 percent), Michigan(8.02 percent) and Rhode Island(7.53 percent); the lowest three states for women were West Virginia(4.49 percent), Mississippi(4.77 percent) and New Mexico(4.98 percent).
- The states with the top three average salary deferral percentages among men were
Montana(8.18 percent), Hawaii(8.13 percent) and Delaware(7.73 percent); the lowest three states for men were Arkansas(5.35 percent), Mississippi(5.43 percent) and Utah(5.55 percent).
- The industries with the top three average salary deferral percentages among women were healthcare and social assistance; manufacturing; and finance and insurance.
- The industries with the top three average salary deferral percentages among men were manufacturing; professional, scientific and technical services; and finance and insurance.
"There are real differences between how men and women think about retirement savings and respond to messages that encourage retirement savings," Sarsynski said. "
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