Does Financial Self-Efficacy Explain Gender Differences in Retirement Saving Strategies?

Research indicates that women remain less financially prepared for retirement than are men. Little research has examined the gender difference in use of retirement plans. The present research assessed the gender difference in use of employer-sponsored and private retirement plans, and sought to account for this difference. Social status and human capital factors, occupation and industry of employment, and sense of financial self-efficacy were expected to account for gender differences. Findings indicated gender has no relationship with use of private retirement plans. However, females were found to be less likely to use an employer-sponsored plan, and this was largely accounted for by gender differences in occupation.