Studies Focus on the Unique Challenges Facing Women on Their Journeys to Financial Wellness

One of the major reasons women save less than men is that they spend 44 percent of their adult lives out of the workforce, compared to just 28 percent for men, according to a study from Merrill Lynch on Women and Financial Wellness. The result is a potential cumulative wage gap of over $1 million, Reuters reports. To combat this, working women need think about the long-term impact of stopping work. "Retirement is no longer a switch that you turn on and off," said Maddy Dychtwald, co-founder of Age Wave, which conducted the study with Merrill Lynch. The study also noted that two-thirds of care provided to older adults is done by women. A separate study from Fidelity Investments found that the top reason women leave the workforce early is because of a health concern. This health matter typically relates to a spouse, but also sometimes to older parents or even grandchildren.