Save10 is a campaign to empower women to save for life and retirement. It is a specific call to action for women to commit to save at least 10% for retirement.
We are facing a retirement crisis in the U.S. Half of the retirees retired on Social Security alone, and the research is bleak on the following generations. The 401(k) experiment has largely been a failure because people simply aren’t using their retirement plans to save for their future.
And women are particularly vulnerable. Women have longer life expectancies than men, step out of the workforce more often as caregivers, and they make less than men. This means saving is more critical for women than men. But studies show that we have a gender wealth gap where women “own” or save $0.32 on the dollar compared to men.
Saving for retirement is something we all need to do, but we believe that focusing on women will ensure that their kids, spouses, friends, and colleagues save too. The research concludes that once people start saving into a retirement plan there is little likelihood they will change it, and the younger they start the better. We know that most young people under 30 could elect to save 10% into their workplace retirement plans or personal IRAs and then be able to retire at 65, the normal age of retirement.
Part of the goal of this movement is to normalize savings in the same way that we have normalized debt. And once normalized, we will have public savings declarations to encourage others to do the same. That is why we want partner organizations to concentrate their resources on their public commitment, and we will ask people who increase their savings to make it public through social media.
The Women’s Foundation of Arkansas is going to be home for this movement, celebrating the many efforts to get out the Save10 message and collecting the data on savings increases to make Arkansas a model for other states to mobilize women and communities to collectively save for retirement.
Join the ranks of financially independent women who have taken the Save10 Challenge.