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October 15, 2021

Women still lag when it comes to retirement planning: report

It's no secret that women, particularly those married with children, have more concerns than men when it comes to retirement, largely due to smaller salaries, less time in the workforce, and lower lifetime earnings.

The woman in the family is typically younger than her husband, lives longer, is more likely to remain in the work force after her male partner has left and typically faces several more years in retirement than he does.

She's also worried that she doesn't get the right kind of advice often enough. All good reasons to get on top of things.

However, it appears that women's approach to financial planning may have some catching up to do with the rest of their lives.

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According to results from a study sponsored by Northwestern Mutual, women are more likely than men to feel their financial planning needs improvement (63 per cent vs. 54 per cent) and more likely to consider themselves "informal" planners (41 per cent vs. 35 per cent).

Not surprisingly, despite having longer lifespans than men, women feel less financially prepared to reach age 75 (48 per cent vs. 65 per cent), 85 (37 per cent vs. 55 per cent), and 95 (30 per cent vs. 43 per cent).

In addition, women are more likely to opt for lower returns with very low risk, over high returns with high risk, when comparted to men, according to the study.

As a woman, do you feel that you're less in control than your partner when it comes to finances? Are you more cautious? 

By Gordon Powers, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...