Men vs. Women: Who’s Saving More Money in 2025?
Written by
Gabrielle Olya
Edited by
Molly Sullivan
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Despite the gender wealth gap, women are saving nearly as much money as men in 2025. According to New York Life’s 2025 New Year Outlook Wealth Watch survey, women are contributing roughly $1,825 per month on average to their various savings accounts, while men are contributing slightly more at $2,352 per month. Yet, women have much lower expectations for their saving potential. On average, they aim to save a little over half (53%) of what their male counterparts aim to save this year — $9,464 versus $17,963.
In this “Financially Savvy Female” column, we’re chatting with Jessica Ruggles, corporate vice president of financial wellness at New York Life, about why men are outpacing women when it comes to saving, why women have lower saving expectations and how women can catch up if they are behind in their savings goals.
What are some reasons that men are outpacing women when it comes to saving?
There’s a combination of structural, social and economic factors which persist, leading to discrepancies in savings. According to Pew Research Center, women earned 85% of men’s earnings in 2024. The wage gap has hardly budged over the past 20 years, as women earned 81% as much as men in 2003.
While women in heterosexual couples may have the advantage of a male partner’s earnings to offset the savings gap, the wage gap broadly affects women’s ability to save a portion of their own income and creates both a short-term and long-term wealth gap. The wealth gap refers to how much women own and keep, including the value of their assets.
Special attention also needs to be called to the women who make care possible, especially for those in the “sandwich generation” — individuals who provide care for both children as well as aging loved ones — as caregiving duties still disproportionately fall on women. A confluence of factors, which for many include caregiving responsibilities, can lead to career interruptions, as women are more likely to take time off or leave the workforce altogether, which can lower lifetime earnings, limit opportunities and deepen the long-term wealth gap, which puts women’s retirement at risk.
New York Life’s 2025 New Year Outlook survey found that nearly 2 in 5 women (39%) report they have caretaking responsibilities in some capacity. Furthermore, 2024 Wealth Watch research found that 31% of employed caregivers report that they often must take off work to care for their loved ones, with employed caregivers reporting an average yearly household income of $84,271, resulting in an average of $2,593 in lost pay.
The wage gap for women can begin before they enter the workforce, starting on college campuses. Women are entering higher education at higher rates, and in turn, are taking on more student loan debt than men. On average, it takes them longer to pay it back due to lower earnings.
Factors such as wealth gaps, career interruptions, financial obligations — including caregiving — and higher student loan debt create persistent financial challenges for women, impacting financial behaviors and savings rates.
In 2025, women aim to save a little over half (53%) of what their male counterparts aim to save. What are some possible reasons women have lower savings expectations?
The tangible financial impacts of the wealth gap and caregiving burdens create behavioral impacts as well. As women continue to earn less than men, focus their time on caregiving and potentially take career breaks for caregiving, it makes sense that they would expect to save less as well.
What’s interesting is how much larger the expectation gap is than the actual savings gap — while women actually saved about 78% of what men saved in 2024, this year, they aim to save only 53% of what men aim to save.
Our Wealth Watch data has continued to show that women feel less confident with their finances than men — 16% of women say they feel not at all confident that their retirement savings will last their entire life while only 7% of men say the same — and this is likely a contributor to women’s lower savings expectations.
How much should women aim to be saving?
When asked about long-term financial goals for 2025, the top goal for both men and women was building emergency savings. Most Americans are unable to absorb even a minor expense shock, which can impact their short- and long-term financial security. A general goal for emergency savings is to work your way up to cover between three and six months of living expenses. Building a financial cushion can enable financial resiliency, turning a potential crisis and long-term impact into a manageable setback.
There’s no one-size-fits-all answer when it comes to how much you should be saving. Money management is personal. How much income anyone wants to save depends on their unique financial goals and responsibilities, as well as their access to workplace benefits, along with retirement outlook and timeline.
The first step is to set goals, both short term and long term, and to evaluate those goals on an ongoing basis as your life and circumstances evolve. While setting goals is important to get a clear picture, the most important part is to act. When asked about what they are planning on doing to help achieve their financial goals in 2025, 42% of women reported they are not planning on doing anything to achieve their goals.
Navigating our financial journeys can oftentimes feel overwhelming. A financial professional is the best resource to chart a path forward based on personal circumstances, helping to turn intent into action, and decisions into habits.
Longevity risk is another consideration when saving for the future. Women live longer on average, meaning we will need to stretch our savings further. Unfortunately, women are often working with lower accumulated lifetime savings than our male counterparts, leading to lower retirement savings per year.
What are some tips for women who are falling behind in their savings goals?
Women should take advantage of workplace benefits, which are gradually modernizing to focus more on personalized support and resources during life events that uniquely impact women. For example, an increasing number of employers are implementing programs tailored for employees who are caregivers, or developing offerings that include fertility, family-forming and menopause benefits.
When employers provide expanded resources, guidance, educational and benefit programs tailored towards women’s preferences and needs — and when women take advantage of the existing programs their employers offer — it can go a long way in boosting budgets and allowing for additional savings.
Workplace benefits are largely underutilized. New York Life’s 2025 New Year Outlook survey found that 32% of women are not enrolled in any benefits through their employer, including healthcare. Navigation support, expanded access to savings vehicles and employee experience strategies to improve engagement are paramount. Knowing when and how to tap into these opportunities for support can help brighten women’s financial pictures and pave the way for bolstered savings over time.
New York Life’s Wealth Watch surveys have consistently shown the connection and relationship with a financial professional makes a difference, especially with higher confidence levels and feeling set up for a more secure financial future. Working with a financial professional can be particularly helpful, especially when turning intent into action. To act, we must feel confident. Personalized financial coaching can support American workers, especially women, as they navigate their financial journeys, helping to achieve personal and professional aspirations.
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