A new survey suggests that while women are less likely than men to feel confident they have saved enough for retirement, advice can close that gap.
Women are slightly less confident than men when it comes to retirement confidence, with 56% saying they have enough saved, compared with 63% of men, according to a TIAA-CREF survey – but 63% of women who have received advice say that they feel confident, compared to 45% of women who haven’t. Additionally, women who have taken advantage of financial advice also are more likely to feel informed about retirement planning and retirement savings (81% vs. 63% of women who have not received advice).
Perhaps more importantly, the survey also suggests that once they receive financial advice, they are likely to act on that information; 64% of women made a change in their spending habits, 57% increased the amount they save each month, 53% established a plan for managing debt, and 51% set up an emergency fund.
These findings come from TIAA-CREF’s annual Advice Matters Survey, which was conducted by an independent research firm and polled a random sample of 1,000 adults nationwide to assess their attitudes, preferences and behaviors toward receiving financial advice.
A third of women are interested in receiving financial advice, up from about a quarter (24%) a year ago – but two-thirds (66%) of women who responded to this year’s survey said they find it hard to know what sources to trust, compared to 48% who felt that way in last year’s survey. Women were also more likely than a year ago to say that it was hard to find the time to look for financial advice (39% in 2014 vs. 30% in 2013) and difficult to know where to start looking (34% in 2014 vs. 23% in 2013).
The number of women who say they rely on financial services providers for advice has increased from 36% in 2012, to 51% in 2013 and now 61%. Women’s use of financial services providers’ websites or online tools is also on the rise; from 20% in 2012, to 33% in 2013 and now to 41%.
