a stark contrast between the sexes, most women are
worried about retiring and having enough money, while
only about a third of men share their concerns,
according to a recent survey.
54 percent of women say they are "very
concerned" about retiring, and only 34 percent of
men are worried, a national survey conducted by
Greenwald & Associates for the Insured Retirement
Institute has found.
studyís findings are similar to others, which
consistently show women more worried about their
finances than men. A previous study done by Allianz Life
Insurance found that almost half of women earning more
than $100,000 worry about ending up as "bag
research also has found women tend to worry more than
men on a variety of topics, not just finance. But the
Greenwald survey did identify particular areas of
financial uncertainty that are far greater among women
more than men, are concerned that they havenít been
saving enough, that their investments will decline in
value, that they donít know how to pick the best
investments, and that their family debts are too high.
all the concerns about the future, a majority of both
men and women have plans that will intensify their
fragility in retirement. They plan to retire earlier
than full retirement age, with a third planning to
retire before age 65, according to the survey.
indicates some level of wishful thinking on the part of
respondents," said Cathy Weatherford, chief
executive of the Insured Retirement Institute, an
association of brokers, insurers and asset managers.
"They have definite ideas about when they want to
retire, but do not have much confidence in being able to
make it happen."
retirement age for todayís workers is 66 or 67.
Retiring earlier than that requires people to start
depleting their savings sooner than they should if
savings are modest, and it also reduces the size of
their Social Security monthly benefits.
survey showed that people know they need to be saving
more, but their biggest deterrent is "finding
things to cut back on." Thirty-six percent of women
and 31 percent of men described that challenge.
men and women expressed concern about paying bills,
paying off debt and the risks they would face if their
investments lose value. But 63 percent of women were
concerned about the level of their family debts and
having enough money to pay bills, compared to only 48
percent of men. About 62 percent of women were worried
about losing money on their investments compared to 53
percent of men.
42 percent of men think they are successful with
investing, and only 43 percent are confident about
financial planning. Women are especially skeptical of
their abilities, with only 37 percent of women confident
that they are successful with financial planning or
men and women are doubtful about finding reliable
advice. Only a third of them said theyíve been
successful selecting a financial adviser.
women, compared to men, describe themselves as a
"do-it-yourselfer" on handling finances. While
39 percent of women see themselves as equal partners
with a spouse or partner, as they handle investing
decisions, men donít see women participating as
actively. Three in 10 men believe their spouse or
partner "wants them to handle everything."
one area where both genders think they shine is
"managing the household budget," with 61
percent of both calling themselves successful.
said their confidence "is quite interesting given
how worried they are about having enough money to pay
bills and feeling behind schedule on saving for