At the same time 92% of women feel some level of stress about their financial situation, compared to 88% of men. Women are also twice as likely to be kept up at night by financial stress (11% vs. 5%).
This is where priorities and benchmarking retirement readiness may come in handy, Ulian said. While saving for retirement is the top financial priority for men and women alike, a smaller percentage of women are prioritizing saving (34% vs. 46% of men).
Women also are more likely than men to have credit card debt (53% vs. 43%) and student loans (25% vs. 17%). They’re also more likely to be adversely affected by this debt. Some 59% of women don’t have control over their debt (compared to 50% of men); and 32% say debt impacts their ability to achieve their goals, compared to 23% of men, BoA found.
One of the best ways for advisors to demonstrate their worth to employer plans and employees is to be able to introduce tools and services to help employees take control of their financial and retirement wellness, Ulian said.
“Half the battle of helping women is helping them to understand where they are now financially, where they want to go and then helping them make moves to get there,” he added. “For instance, our financial wellness tracker has been a great tool for all employees, but especially for women who now want to focus on informed decision-making to help their advance their financial and retirement goals.”