Prudential also separated out those who considered themselves caregivers and found that, not only were they more likely to put other family members first, they also are more likely to have investments of mutual funds, bonds and individual stocks. They also are more likely to work with a financial advisor than the general population.
Just under half of all caregivers worked with at least one financial professional, compared to only one third of non-caregivers. This may be tied, at least in part, to the complications introduced by having to consider the financial welfare, not just of themselves, but also of those who are under their care, the survey said.
Thirty-eight percent of caregivers in the study do not think they will ever be able to retire versus only 25 percent of non-caregivers. Although caregivers for children with special needs were as likely as other caregivers and non-caregivers to have a defined contribution retirement plan, they were also the most likely to have taken a loan or hardship withdrawal from those plans.
Despite their crucial role in providing for their families, women still face a yawning wage gap with men. The average annual income for women was $52,521, compared with $84,006 for men, a difference of 37 percent. Women are earning about 63 cents for every dollar earned by men. Lower income levels mean less money is available for saving and investing, and it lowers future Social Security benefits.
Although they earn less, 54 percent of women reported they were the primary breadwinners in their household.
Men and women are about equally likely to carry mortgage debt, and in roughly the same amounts. However, 25 percent of women reported having student loan debt, with an average balance of $7,860, compared with only 18 percent of men, who have an average balance of $4,126.8
Among the LGBTQ community, only 27 percent said they have an employer-sponsored retirement savings account such as a 401(k), compared with 41 percent of the general population. Only 21 percent have an individual retirement account, versus 32 percent of non-LGBTQ respondents. In fact, only half of LGBTQ respondents surveyed have a basic banking product such as a checking, savings or money market account, or certificates of deposit. Two-thirds of the non-LGBTQ respondents own at least one of those products, the survey said.
The full report can be found here.