More women are concerned about their ability to retire than men, according to the Insured Retirement Institute (IRI).
More than half of women (54 percent) are very concerned they will not be able to retire when they want and an almost equal number (53 percent) are concerned about being able to afford the lifestyle they want, according to the IRI survey of 701 women and 301 men.
Comparatively, 34 percent of men are concerned about being able to retire when they want and 36 percent are concerned about being able to afford their preferred lifestyle.
“The anxiety expressed by women is understandable when you consider the challenges they face in achieving a financially secure retirement,” says Cathy Weatherford, IRI president and CEO. “Income disparities and time out of the workforce are among factors that will reduce retirement savings as well as Social Security and employer-provided retirement benefits.
“At the same time, longer lifespans will necessitate more savings to produce additional years of retirement income. This is an area where the retirement planning community can make a significant impact, but it will require a more thorough understanding of women’s priorities, values and preferences,” she adds.
Fifty-eight percent of women say a financial professional’s ability to explain financial concepts clearly without talking down to them is important compared with 35 percent of men who think this is important. Women also place a higher level of importance on an advisor’s ability to listen well, use new technologies and consistently follow up.