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Income Gap Between Millennial Men, Women [AUDIO]

A new survey finds many millennials are not saving for retirement, but among those that are, a higher percentage are men.

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Piggy Bank Savings - Male

The 2014 Wells Fargo Millennial Study found 61 percent of college-educated men are putting money away for their golden years, compared with 50 percent of women.

John Garone, regional director for the Wells Fargo Private Bank in New Jersey, said females may be less apt to save because “their income level is approximately $63,000, versus men in that same generation at $83,000.”

Because of this gap, Garone said women “feel more stress than men of their generation on things like debt, things like feeling that they can save for their retirement.”

The survey also found 45 percent of all millennials are not saving anything, principally because they’re carrying so much debt. In fact, four in 10 millennials characterize their debt as “overwhelming,” a word used by only 23 percent of baby boomers.

“Our survey has shown that with no gender difference, 56 percent (of millennials) are living paycheck to paycheck,” Garone said.

In addition, he said even when millennial women do save money, it’s at a lower rate than their male counterparts.

“For those millennials saving less than 5 percent of their earnings, 53 percent of the women save less than 5 percent and 39 percent of the men are at that same less than 5 percent level,” Garone said, “and 26 percent of men save at 10 percent of their compensation or more, versus 9 percent of women.”

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