According to a new survey by T. Rowe Price, millennial men and women are putting an average of 8 percent of their annual salaries in a 401(k). However, millennial women are only saving half as much as men when it comes to their retirement savings.
The survey reports that for women ages 18 to 33 participating in a 401(k), the median 401(k) balance is $11,000. Men are saving double that: their average median 401(k) balance is $22,000.
Women are less likely to save, and when they do save, they save less. Price's survey revealed that millennial women are contributing a median of 5 percent of their annual salaries to their 401(K) plans, versus 7 percent for millennial men.
It is also evident that work differences – such as pay and positions – between genders are among the main reasons millennial women are saving less. Fortune reported that the median personal income for millennial women is $48,000, while men are earning $63,000.
"I can't say that we're surprised," said Anne Coveney, T. Rowe Price's senior manager of Retirement Thought Leadership, to Fortune. "I think it's pretty well established in this country that there is a pay gap. A key contributing factor is that women tend to work in different professions, so I think we're seeing some of that come through in our study."
Learn a great tip about saving from business news journalist and MAKER Maria Bartiromo by watching the video above.
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