|
Women shun retirement
|
 |
July 8, 1998: 3:52 p.m. ET
Female-owned firms less likely to offer retirement plans, but gap is narrowing
|
NEW YORK (CNNfn) - Small businesses owned by women are less likely to provide a retirement plan than those owned by their male counterparts, but that gap is expected to narrow, according to a new study.
A survey by the National Foundation for Women Business Owners found female business owners with 10 or fewer employees are less likely to have a retirement plan in place, even though they assign higher importance to retirement planning than men. In addition, female-owned businesses that do offer plans have done so for a shorter period of time than businesses owned by men.
Overall, there is a growing concern for retirement planning among both male and female business owners, though more women plan to offer retirement benefits in the near future. Over the next three years, 37 percent of women business owners without a plan said they will provide one, compared with 30 percent of male business owners surveyed.
The survey also found female business owners often set different criteria for retirement plans, such as offering their employees a wider choice of investment options.
"While there are common concerns faced by all small businesses, the NFWBO survey makes it clear that there are also unique concerns for women-owned businesses, or at least differences in emphasis from small businesses owned by men," Beverly Holmes, vice president of MassMutual Retirement Services, said.
The report, "Retirement Plan Trends in the Small Business Market: A Survey of Women- and Men-Owned Firms," was commissioned by Massachusetts Mutual Life Insurance Co. "because of the lack of information on the retirement plan needs of women-owned businesses," Holmes said. 
|
|
|
|
|
 |
|
