There is a gender gap when it comes to retirement planning but more women are catching up, and they may even have more assets than men, according to a recent survey.
Investment giant BlackRock found that 55 per cent of the women polled in Singapore have started saving for retirement compared with 63 per cent of men.
However, a certain group of female investors is closing the gap fast, with more assets in their portfolios.
BlackRock has named them "Smart" women, identified by these criteria: They save and invest more, make retirement a priority, actively invest to generate income, are ready for a move away from cash, and take financial planning and advice seriously.
Mr Kevin Hardy, country head of Singapore at BlackRock, said these women are taking simple and easy steps towards securing their financial future.
Findings show that in Singapore, 13 per cent of women are "Smart" when it comes to managing finances, and on average they have at least $236,000 more in household assets than the national average for Singaporean women, by following those criteria.
The survey found that 60 per cent of "Smart" women feel well prepared financially for retirement, compared with 29 per cent of Singaporean women surveyed.
BlackRock noted that although the average "Smart" woman earns nearly $53,000 annually, which is "only a little more than the average national female salary of $46,000", the "Smart" women are making their money work harder.
Findings show that 74 per cent of this group have started saving for retirement, compared with 55 per cent of the Singaporean women surveyed.
Also, it was important for 83 per cent of "Smart" women to earn an income from their investments, and only 69 per cent of the overall Singaporean female respondents have done so.
And 75 per cent of the savvy group of women hold income-generating products, compared with 60 per cent for Singaporean women generally.
The survey also found that 67 per cent of savvier female investors see that growing their wealth is a financial priority, compared with just 53 per cent of all Singaporean investors surveyed by BlackRock.
A total of 27,500 people globally, including 1,000 people in Singapore, were surveyed.
BlackRock said that the survey "highlights a wide range of areas where women could take steps to achieve greater financial equality with men".
This article was first published on March 08, 2015.
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