Women are saving more than men and more women are reaching 401(k) millionaire status, according to Fidelity Investments.
Women save 25 percent of their pay (including the company’s matching contribution) while men save 23.5 percent, according to the company.
“It doesn’t sound like a lot, but over time it can be significant,” Fidelity senior Vice President Jeanne Thompson said.
She added that since women tend to live longer, they want to prepare for a longer retirement. And since women tend to not have continuous careers, they are trying to play catch up.
Notably, Fidelity saw an increase in the amount of female 401(k) millionaires. In 2005, women comprised 10 percent of the millionaires. As of Sept. 30, they comprised 20 percent, according to Fidelity.
Fidelity manages 20,000 401(k) retirement plans nationwide, representing 15 million participants. Since 2013, the amount of 401(k) millionaires has tripled, said Thompson.