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Study Reveals Startling Findings About Women and Their Finances
Most people dream of a relaxing retirement, but a recent study reveals that many women around the world may not be financially prepared for a stress-free retirement.
HSBC Bank’s “Future of Retirement” study surveyed over 17,000 people in 16 countries and found that women are more worried about their finances in retirement than men. Here are three of the study’s key findings.
1. Over 50% of women worry they won’t have enough to cover medical expenses
The study found that 57% of working-age women are worried they won’t have enough money to cover medical costs or expenses that come with medical care. A Fidelity study found that 65-year-old couples can expect healthcare costs to exceed $260,000 in retirement. Similarly, 54% of women worry they will not have enough to cover basic needs if a health issue forced them or their partner to retire early. Among men, 47% shared the same worry.
2. Women are contributing less to their retirement than their partners
According to the study, 24% of working-age women are contributing less to their retirement savings than their partner, compared with 8% of men who answered the same. The study also found that 22% of women said they are contributing an equal amount as their partner (compared to 15% of men) and 30% of women are contributing more, compared to 66% of men.
3. Women are less likely to assume household financial decisions
Of those surveyed around the world, 63% of working-age women said the only area where they assume sole financial control is with groceries and day-to-day purchases, compared to 43% of men. Specifically, only 34% of women said they decide where their money is saved, while only 30% decide where their money is invested.
The Best Way to Plan for a Stress-Free Retirement
Seeking professional advice from a financial advisor is one of the most dependable ways to build financial confidence and develop a plan for retirement.
Voya Financial found that 79% of both men and women who use an advisor said they “know how to pursue achieving their retirement goals.” The study also found that 59% of those who use an advisor have calculated how much they need to retire, while 52% established a formal retirement investment plan.
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SmartAsset - copyright 2018
SmartAsset - copyright 2018