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Women and men have different money fears

Thursday, November 17, 2011  
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Saving enough for retirement is the biggest financial worry for men, but women are far more concerned about just keeping up with monthly expenses, according to a nationwide survey of 2,200 working men and women.

More than twice as many women are concerned about monthly expenses than saving enough for retirement, according to the survey of Americans who are eligible to participate in employer-sponsored defined contribution retirement plans sponsored MassMutual Retirement Services and conducted by Brightwork Partners.

While nearly 40 percent of all respondents are somewhat or very concerned about losing their jobs, the biggest specific financial worry is "just keeping up with monthly expenses" (21 percent), followed by "saving enough for retirement" (18 percent). By gender, 31 percent of women and 13 percent of men named "just keeping up with monthly expenses” as their number one concern.

What’s more, 65 percent of people surveyed expect to work at least part-time in retirement and 54 percent expect they will need to reduce their standard of living. More than one-third of respondents are considering delaying retirement beyond their original target date, but that percentage jumps to more than 50 percent for people currently age 50 and older. Women expect to work longer than men, with an average expected retirement age of 66.9 compared to 65.6 for men.

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