Rural Americans Behind in Retirement Savings.
We often look at wealth inequity, wages difference and savings gaps through some standard demographics.
Men outpace women in most every financial category.
Whites outpace their counterparts.
Higher levels of education yields higher financial outcomes than those with lower education.
So far, I have yet to find anyone surprised by this. It is a general sense we have that is backed up by studies and data from every possible place.
As I look at retirement I see a sobering story that goes like this: Only highly educated white (and Asian) males have retirement savings. While it may be good to be in that demographic - not everyone is!
One of the recent demographic studies revealed the disparity between those that live in rural areas with those that are in urban areas. The conclusion is that most people in rural areas have been left behind in retirement savings and the data is stagering.
Rural workers hold half the savings as their urban counterparts.
Living in a rural area reduces the liklihood of you having a retirement savings plan by 13%.
Those in rural areas are less likely to have a plan with a match..
Over 5 Million rural workers do not have access to a retirement plan.
While having access to a retirement savings plan is no guarantee of retirement security (if you have paid attention to my work you know my feelings about the state of retirement in America) not having access only further complicates the future for millions of our fellow Americans.
Take a look at the article about this important issue.
As always, if you come across a financially related article you’d like to send my way please do!
Best place to send them is to me.
More next time!
Jonathan