Financial advice can help eliminate the gender gap in retirement confidence, according to a
In a release,
Additionally, survey findings also revealed that once they receive financial advice, women are apt to translate it into action, with 87 percent of women taking positive steps after receiving advice. Sixty-four percent of women made a change in their spending habits, while 57 percent increased the amount they save each month, 53 percent established a plan for managing debt, and 51 percent set up an emergency fund. Sixty-four percent of women made a change in their spending habits after receiving advice, while 57 percent increased the amount they save each month, 53 percent established a plan for managing debt, and 51 percent set up an emergency fund.
These findings come from
Though one-third (33 percent) of women are interested in receiving financial advice – a sharp increase from 24 percent in 2013 – many are still struggling to find the right resources. Two- thirds (66 percent) of women who responded to this year's survey said they find it hard to know what sources to trust, compared to 48 percent who felt the same in 2013. Women also increasingly report that it is hard to find the time to look for financial advice (39 percent in 2014 vs. 30 percent in 2013) and difficult to know where to start looking (34 percent in 2014 vs. 23 percent in 2013).
"Professional, personalized financial advice is out there, but women often get sidetracked by a number of barriers," said
The number of women who say they rely on financial services providers for advice has increased steadily (from 36 percent in 2012, to 51 percent in 2013 and now to 61 percent in 2014). Women's use of financial services providers' websites or online tools is also on the rise (from 20 percent in 2012, to 33 percent in 2013 and now to 41 percent in 2014). To support this growing trend,
"Nearly half (49 percent) of the women surveyed say the ability to interact with someone online with basic personal financial questions would be helpful," said Andrade. "The TIAA-CREF Woman2Woman online community provides the resources they need."
Fifty-seven percent of women surveyed would like access to tools and calculators that break down complex advice principles, and more than half of women are interested in participating in on-demand webinars (54 percent) or live seminars (52 percent) that cover personally relevant financial topics. The Woman2Woman online community provides those features in an online community where women can share financial insights, as well as articles and other resources to help navigate financial challenges.
"It's encouraging to see women really embrace the counsel they receive and use it to their advantage," said Andrade. "And with women typically saving less for retirement than men,3 any strides toward improving financial well-being and retirement security should be applauded – and then used as a stepping stone toward the next financial goal."
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