Women may start saving for retirement earlier than men, but that doesn’t mean women feel any more confident about their ability to retire, new research has found. In fact, women worry more about their retirement savings than do men.
Overall, 22 percent of women over the age of 23 say they have begun saving for retirement, compared to just 13 percent of men from the same age group. However, 30 percent of women feel their financial situation will decline in retirement, compared to just 23 percent of men who share those fears.
“There are several legitimate reasons why this may be the case, including much of the financial industry’s poor performance in engaging women around financial planning,” said said Lule Demmissie, managing director, investment products and retirement at TD Ameritrade, Inc., a broker-dealer subsidiary of TD Ameritrade Holding Corporation, which conducted the research.
“Women have an opportunity to be much more engaged in the financial process,” Demmissie continued. “It’s important for them to take actionable steps in planning for retirement, particularly given their longer life expectancy.”