Senior women trail men in financial confidenceAs half the population can attest, it’s not easy being a woman – especially when it comes to money management in retirement.
As half the population can attest, it’s not easy being a woman – especially when it comes to money management in retirement.
A recent national survey of 800 American adults age 60 to 74 found that senior women trail their male counterparts in financial knowledge and confidence. Perhaps that’s why women are more prone to money worries than men.
The poll, conducted for Thrivent Financial for Lutherans, found that women are less likely than men to have a good idea how much money they’ll need in retirement so they don’t run out. Forty-five percent of men know how much is required compared to 35 percent of women.
The survey also found that the percentage of women who understand how much money they’ll need to last through retirement declines with age (37 percent of age 60-64 versus 33 percent of age 65-74). In contrast, the percentage of men who have a good idea how much money they’ll need in retirement grows as they age (42 percent of age 60-64 versus 48 percent of age 65-74).
While the majority of both genders (61 percent) say they don’t worry and rarely think about having enough money in retirement, senior women are slightly more prone to worry than senior men.
Forty-one percent of women worry either a lot or occasionally about money in retirement compared to 36 percent of men.
Among retired couples who disagree on spending issues, women are much more likely than men to say they worry more than their spouse or partner about adequate retirement funds (45 percent versus 24 percent).
“Managing income and spending in retirement is tricky for most everyone,” said Mark Anema, vice president of accumulation and retirement income solutions for Thrivent Financial. “Fortunately, many worries can be eased with careful planning. Making the most of one’s retirement assets and income over the long term is an essential task for seniors in today’s economy.”