Boomer women are more worried about money than men
Monday, October 15, 2012
Boomer women are more uncomfortable, worried or concerned than Boomer men about
their current financial situation and what the future may hold for them,
according to an AARP Public Policy Institute survey of nearly 4,000 boomers
aged 50 to 64 with current or recent labor market experience.
On almost all measures, women were more
uncomfortable, worried or concerned than men about their current financial
situation and what the future may hold for them. For example, they were more
uncomfortable about their levels of debt and current savings; they were less
confident they would have enough money for a comfortable retirement; and
they were more concerned about maintaining a reasonable standard of living in
retirement, about being able to pay for adequate health care and long-term
care, about inflation’s impact on their income and about having to rely on
family members for financial assistance.
women’s greater concern about their financial well-being, especially in
retirement, is understandable, AARP found. Because women typically live longer
than men, their money has to last longer, but they may not have much in
addition to Social Security to rely on. Women’s greater care-giving
responsibilities often mean that women have to scale back their work schedules.
Postponing retirement isn’t always an option for them. Differences
by sex were more often significant when it came to being "very” rather than "somewhat”
uncomfortable or concerned. Men were significantly more concerned (i.e.,
"somewhat” concerned) when it came to the ability of a spouse or partner to
maintain the same standard of living should the husband die first.
husbands typically do die before their wives, it makes sense that this would be
a greater concern for men, AARP noted. Men were also somewhat more likely than
women to expect that their financial situation would worsen over the following