Half of Mothers Have Little or No Retirement Savings

Data show that many mothers face future financial insecurity due to little or no retirement savings.

wrapped gift for mom for Mother's Day retirement savings
(Image credit: Getty Images)

Mother’s Day comes and goes each year, and billions of dollars are spent on moms nationwide. The National Retail Foundation estimates that just over $274 is spent, per person, to show moms some love. And estimates are that consumers planned to shell out $35.7 billion for Mother’s Day celebrations in 2023. But, at the same time, data from the Financial Health Network and a report from Century Foundation show that millions of mothers face retirement insecurity. Nearly half of all moms say they have little or no retirement savings.

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Kelley R. Taylor
Senior Tax Editor, Kiplinger.com

As the senior tax editor at Kiplinger.com, Kelley R. Taylor simplifies federal and state tax information, news, and developments to help empower readers. Kelley has over two decades of experience advising on and covering education, law, finance, and tax as a corporate attorney and business journalist.