"Given all the negative news about the economy, it is not surprising people have become more pessimistic about retirement," says Keith Brannan, vice president of financial security planning for COUNTRY Financial. "However, the growing disconnect between how men and women feel emphasizes the crucial need for families to talk about money matters. With proper planning, a secure retirement is achievable for almost anyone, no matter their gender."
Americans acknowledge the need for early savings
More Americans (78 percent) currently believe people should begin saving for retirement before age 30 than did one year ago (74 percent). But, there's a difference between theory and practice. While both sexes see eye-to-eye on when to start saving, only 42 percent of men and 35 percent of women actually began putting money away before age 30.
Other key findings:
- While men's biggest fear about retirement is not having the resources to do what they would like to do (47 percent), women are closely split between the same concern (37 percent) and worrying that they will run out of money (36 percent).
- Men, however, are much more likely to say they have taken adequate steps to alleviate this fear (61 percent) than women (48 percent).
"If you want to be successful with your family's financial situation, you have to realize there are fundamental differences in how men and women view finances," says Brannan. "The key is to understand the reasons for these differences."
