In general, women bear greater financial risk than men. Most married women bear more risk than their husbands because they tend to be younger and have a longer life expectancy. And since women tend to earn less money than men, there is greater pressure to make fewer assets cover higher costs, particularly for single women.
Many of the young professionals we serve identify paying for their children’s college education as a top tier goal. Knowing how expensive that can be, the goal looms so large in their minds that they are inclined to begin saving for their children’s college expenses over contributing enough towards their own retirement savings goals.