FOSTER CITY, Calif.,
Oct. 28, 2020 /PRNewswire/ -- As
cries for equal compensation ring loudly ahead of Equal Pay Day on
November 2, MoneyRates.com's survey
of 1,000 men and women reveals a retirement-planning gap exists in
addition to the known wage gap. With reports of tensions already
running high among couples during the COVID-19 pandemic, many may
not think turning to a financial planner could help ease the
pressure.
The "How the Gender Gap Affects Retirement-Planning" survey
shows differences in how men and women approach retirement security
and in how they perceive what they're doing. Those who have worked
with a retirement planner are more likely to feel they share a good
financial understanding with their spouse or significant other. For
those that haven't, the study from the leading rate comparison site
finds working with a financial planner can help bridge the gender
gap in how men and women approach retirement security.
Gender Disparity and Communication Gap
- Nearly half of male respondents (49.47%) in domestic
relationships think they alone make financial decisions; just
12.42% of women say their domestic partner makes them
- About half of women feel financial decisions are shared in the
household (51.1%)
- About 38% of men feel decisions are made collaboratively with
their spouse/domestic partner (37.77%). Men are twice as likely as
women to feel their retirement knowledge is well above average (20%
vs. 9.4%)
- More than 75% of men feel they and their spouse/significant
other share a good understanding of retirement planning while women
are less optimistic (77.66% vs. 64.09%)
Women are about twice as likely to be unsure about their
investment strategy. Fully 25% of women could not give a rough
estimate of how much of their retirement investments are in stocks,
compared to 12.6% of men.
"Both men and women could do a better job at retirement
planning, but the gender gap in retirement planning makes the
problem even more troubling," said Richard
Barrington, Senior Financial Analyst for MoneyRates. "Women
are already disadvantaged by a wage gap. Shortcomings in planning
for retirement will only widen that disadvantage later in
life."
Financial Professionals can Help
- Women report feeling less comfortable than men with
retirement-planning concepts
-
- About 40% of female respondents say they don't know much about
it at all, compared to men (39.2% vs. 27.4%)
- Only 11.68% of men and 6.63% of women get help from a financial
professional when they don't feel they understand retirement
planning
- About 94% of all respondents who worked with a financial
professional on their retirement plan felt they had a good
understanding with their spouse/significant other on that plan
(93.61%)
- More than 61% of those who hadn't worked with a professional
felt they shared a good understanding of their retirement plan
(61.10%)
Working with a financial professional can foster a better
understanding of retirement concepts between domestic partners. Too
many people in or approaching retirement have not calculated how
many years their retirement savings would last at their current
spending rate, but the problem is worse among women. The majority
of women (73.40%) say they have not done such a calculation,
compared to 61.20% of men. There are retirement calculators
available to help; but unless this kind of basic projection is
done, people have no idea whether they have amassed enough money to
sustain them through retirement.
Methodology
MoneyRates designed and analyzed a survey which was administered by
Op4G. The survey asked 500 men and 500 women aged 45 or older a
variety of questions about retirement planning.
About MoneyRates
MoneyRates is owned and operated by
QuinStreet, Inc. (Nasdaq: QNST), a leader in providing performance
marketplace technologies and services to the FinTech, financial
services and home services industries. QuinStreet is a pioneer in
delivering online marketplace solutions to match searchers with
brands in digital media. The company is committed to providing
consumers with the information and tools they need to research,
find and select the products and brands that meet their needs.
MoneyRates is a member of QuinStreet's expert research and
publishing division.
Since 1998, MoneyRates has served as a personal finance resource
designed to help readers make the most of their money. In addition
to a variety of financial calculators, MoneyRates researches and
tracks CD, savings, and money market rates offered from over 400
financial institutions across the country to offer expert advice on
banking, investing and retirement planning.
Twitter: @MoneyRates
Facebook: https://www.facebook.com/MoneyRatesdotcom
Media contact
Amy
Eury
Public Relations Manager
aeury@quinstreet.com
Direct +1.412.532.9352
LinkedIn
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SOURCE MoneyRates.com