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Women Are More Concerned, But Less Prepared For Retirement Than Men
Female investors are cautious about the market and economy, The Nationwide Advisory Solutions’ fifth annual Advisor Authority Study found. Women investors with an advisor are far less likely than men to say their outlook for the U.S. economy is optimistic (34% vs 52%) and are somewhat less likely to say their outlook for the U.S. stock market is optimistic (41% vs 55%).
The study also found that female investors are somewhat more likely than men to say that outliving retirement savings is a top financial concern (15% vs 9%), but are far less likely than men to have a strategy in place to help protect against outliving their savings (62% vs 76%). Even women with advisors are somewhat less likely than men with advisors to have a strategy in place to help protect against outliving their savings (68% vs 79%).
Because women generally have a longer lifespan than men, women are far more dependent on Social Security than men in retirement; 78% of women rely on Social Security to protect themselves from outliving their savings compared to just 66% of men. Women are also less likely to use other guaranteed income solutions to protect themselves from outliving their savings.
Americans Happier When Finances Are In Order
We can all relate to the stress finances sometimes cause and the toll they take on our emotional well-being. A new study from Northwestern Mutual shows that people are happier when they are more stable financially. According to the 2019 Planning & Progress Study, 92% of Americans say nothing makes them happier or more confident than when their finances are in order.
The study also discovered that more than six out of 10 Americans say their financial planning needs improvement, which is down from the 70% who said the same in 2018.
The study also asked respondents if they were working with a financial advisor. Only 31% were, which is remains the same from last year’s study, but 30% of respondents haven’t spoken to anyone about financial planning, an improvement from the 34% who said the same a year ago.
Of the respondents who did work with a financial advisor, 66% said that they felt very financially secure, compared to only 31% of those without. Additionally, 61% of Americans who work with an advisor have good clarity on balancing spending now vs. saving for later, compared to 50% without.
AdvisorNews Managing Editor Cassie Miller may be reached at cassie.miller@Adnewsfeedback.com. Cassie has an extensive background in magazine writing, editing and design. Follow her on Twitter @ANCassieM.