Advisors Need To Better Engage Female Clients On Retirement
August 22, 2017 by Brian O'Connell
A new study spotlights the uphill climb females and their financial advisors face while planning for retirement.
Just 18 percent of retirement-age women are informed on how to make a nest egg last in retirement (compared to 35 percent of similarly-aged men), according to The American College of Financial Services’ 2017 RICP Retirement Income Literacy Gender Differences Report.
“Even more worrisome” is that despite low retirement literacy, the majority of women (55 percent) are still extremely confident that they and their spouses would have enough money to retire comfortably, the college noted.
“Women face considerable challenges when it comes to preparing for retirement, and lacking financial literacy certainly does not help the cause,” said Jocelyn Wright, assistant professor of women’s studies at The American College. “This is a problem, especially when a female at age 65 can expect to live another 20 years on average, two years longer than the average man. With this in mind, women cannot depend on their spouse to hold the keys to their retirement.
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