Women and men have different money fears
Thursday, November 17, 2011
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
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.