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Senior Women Trail Men in Financial Confidence

Posted on: Monday, 9 June 2008, 09:00 CDT

As half the population can attest, it's not easy being a woman--especially when it comes to money management in retirement.

A recent national survey of 800 American adults age 60 to 74 found that senior women trail their male counterparts in financial knowledge and confidence. Perhaps that's why women are more prone to money worries than men.

The poll, conducted for Thrivent Financial for Lutherans, found that women are less likely than men to have a good idea how much money they'll need in retirement so they don't run out. Forty-five percent of men know how much is required compared to 35 percent of women.

The survey also found that the percentage of women who understand how much money they'll need to last through retirement declines with age (37 percent-age 60-64 versus 33 percent-age 65-74). In contrast, the percentage of men who have a good idea how much money they'll need in retirement grows as they age (42 percent-age 60-64 versus 48 percent-age 65-74).

While the majority of both genders (61 percent) say they don't worry and rarely think about having enough money in retirement, senior women are slightly more prone to worry than senior men.

Forty-one percent of women worry either a lot or occasionally about money in retirement compared to 36 percent of men.

Among retired couples who disagree on spending issues, women are much more likely than men to say they worry more than their spouse or partner about adequate retirement funds (45 percent versus 24 percent).

"Managing income and spending in retirement is tricky for most everyone," said Mark Anema, Thrivent Financial vice president. "Fortunately, many worries can be eased with careful planning. Making the most of one's retirement assets and income is essential for seniors today."

Data for this survey were collected via telephone interviews. Interviewing took place between Dec. 1 and 13, 2007, among a nationwide cross section of 800 U.S. adults age 60 to 74 of whom 397 were men and 403 were women.

Thrivent Financial for Lutherans is a Fortune 500 financial services membership organization helping nearly 3 million members achieve their financial goals and give back to their communities. For more information, visit www.thrivent.com.

Source: Business Wire

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