Survey Says: Women Drop the Ball on Retirement

Woman on BeachIn case you’re sick of hearing the same old story about women and retirement—women earn less, save less, feel less confident than men do, blah blah—imagine how we feel.

We actually have to read all that data. And we’re sick of it, too.

So when ING Direct suggested that we partner on a new survey, we jumped at the chance to ask the questions NO ONE else seemed to be asking:

If women aren’t planning for the future… why?

The results of our joint research were startling.

Almost 80% of women say they lack financial savvy about retirement planning (OK, we knew that).

But many women aren’t even taking on the basic questions:

30% of women have no idea what the main source of their retirement income will be.
40% say they “don’t know” what kind of retirement lifestyle they want.
47% say they get “most of their knowledge” about retirement from friends, family, the media or popular money experts.

But here’s the weird part.

When we asked women whether they identified as “modern” or “traditional,” 65% picked traditional. And it’s not a function of age: Nearly half of younger women, ages 18 to 34, also picked traditional.

Interpretation #1: Many women still live in a retro fantasy where they think Someone Else will take care of the future.

Interpretation #2: Women actually have what it takes to plan a secure future—but their lack of confidence prevents them from taking control.

Help us solve this mystery, Nancy Drew. What’s your interpretation?

photo source: bobbyjoefontenot’s shop on etsy