Despite lacking confidence in their financial situation, women are
more likely than men to report positive feelings about retirement
MINNEAPOLIS--(BUSINESS WIRE)--
The recession has altered many Americans’ attitudes and preparation for
retirement, but women and men are not responding in the same way. New
findings from the New
Retirement Mindscape IISMstudy,
released today by Ameriprise Financial (NYSE: AMP), demonstrate that
gender may have a significant impact on how consumers approach
retirement. Although less confident about their overall financial
situation, women are significantly more likely than men to feel
“enthusiastic” about reaching this important milestone (74% vs. 65%).
And, while the number of men who report that they are “enjoying
retirement a great deal” has dropped since 2005 (56% vs. 67%), the
number of women sharing this sentiment has remained steady.
“While the recession impacted both men and women, men experienced more
job losses and career setbacks as a result of the downturn,” said
Suzanna de Baca, vice president of wealth strategies at Ameriprise
Financial. “However, the challenges women may face as they prepare for
retirement, including time away from work to care for family members and
lower average earnings, tend to exist regardless of economic conditions.
These can significantly hinder women’s ability to save, and in turn,
make them less confident about their retirement prospects.”
Women’s traditional role as caregivers may be one reason they are more
likely than men (28% vs. 22%) to cite an illness or health issue as the
one thing that made them seriously think about retirement. In addition,
the number of retired women who named this as their primary retirement
trigger increased substantially from 2005 to 2010 (18% vs. 28%), while
the number of men mentioning an illness or health issue did not change
significantly during the same period (19% vs. 22%). Women were also more
likely to cite a spouse or partner retiring, while men were more likely
to mention a significant birthday, as the reason they began thinking
about retirement.
Regardless of what drives women to make this significant life change,
the concerns and challenges they face may be among the reasons they’re
turning to financial professionals for advice and support. While both
men and women said they are more likely to seek professional financial
advice in 2010 than they were in 2005, women remain more likely than men
(46% vs. 38%) to include this step in the retirement planning process.
Women also place a higher importance on working with an advisor who
provides a knowledgeable point of view, and who takes time to educate
and coach them. This suggests that women are seeking a partner, not
someone who simply helps make financial decisions on their behalf.
Another factor that distinguishes women from men is how they intend to
spend their retirement years. Pre-retired women are more likely than men
to place great importance on being able to spend time with family (77%
vs. 68%) and volunteer (31% vs. 22%) during retirement. However, they
are less likely than men to believe they will return to work either
full- or part-time (27% vs. 38%). These differing priorities continue
through the retirement years with more retired women than men reporting
that they place great importance on being able to spend time with family
(72% vs. 58%), volunteer (31% vs. 18%) and travel (27% vs. 19%).
Likewise, fewer women than men are currently working during retirement
(29% vs. 40%).
“The study underscores how important it is that people share their
retirement plans with friends and family members,” added de Baca.
“Finding out that your spouse or partner intends to return to work while
you dream of traveling the world may not be a pleasant surprise. The
earlier these differences are discovered, the more likely it is that you
can both achieve the retirement you desire.”
About the study
The New
Retirement Mindscape IISM and New Retirement
Mindscape® studies were commissioned by Ameriprise
Financial, Inc. and conducted by telephone by Harris Interactive in May
2010 and August 2005 among 2,007 (2010) and 2,000 (2005) U.S. adults age
40-75. The sampling error for the 2010 study is +/-2.5%. The 2005 study
was conducted in conjunction with Age Wave and Ken Dychtwald, Ph.D.
About Harris Interactive
Harris Interactive is one of the
world’s leading custom market research firms, leveraging research,
technology and business acumen to transform relevant insight into
actionable foresight. Known widely for the Harris Poll and for
pioneering innovative research methodologies, Harris offers expertise in
a wide range of industries. For more information, visit harrisinteractive.com.
About Ameriprise Financial
Ameriprise
Financial, Inc. is a diversified financial services company serving
the comprehensive financial planning needs of the mass affluent and
affluent. For more information, visit ameriprise.com.
Brokerage, investment and financial advisory services are made available
through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some
products and services may not be available in all jurisdictions or to
all clients.
© 2010 Ameriprise Financial, Inc. All rights reserved.
Source: Ameriprise Financial, Inc.
Contact:
Ameriprise Financial, Inc.
Stacy Housman, 612-678-7215
stacy.m.housman@ampf.com
or
RF|Binder
Michael
Schneider, 212-994-7546
Michael.Schneider@rfbinder.com