Nearly six-in-ten High Net Worth women state they are concerned about being able to retire when they want vs. 44 percent of men.
High net worth women are feeling more vulnerable than their male counterparts about job security and retirement readiness, according to a new Spectrem’s Millionaire Corner investment attitudes and behaviors study.
Nearly four-in-ten (39 percent) of HNW women said that they are concerned about either themself or their spouse losing their job. The gap is even more pronounced regarding their retirement expectations, with 59 percent of HNW women stating they are concerned about being able to retire when they want vs. 44 percent of men. Across wealth levels, the men and women with a net worth between $100,000 and $1 million (not including primary residence) have heightened concerns about their jobs and retirement readiness.
A majority of high net worth investors do expect to have sufficient income to live comfortably during retirement, but again, women feel more vulnerable on the issue (69 percent vs. 76 percent of HNW men).
Men and women are basically on the same page when it comes to retirement expectations and preparations according to the 2013 Retirement Confidence Survey. A near-equal percentage of men and women report they either have saved or are saving for retirement. Women are as statistically likely as men to report they are offered (45 percent vs. 48 percent) and contribute to (36 percent vs. 40 percent) a workplace retirement savings plan).
Additionally, the EBRI report found, women are just as likely as men to indicate they have tried to calculate how much they will need to have saved by the time they retire so they can maintain their current financial situation (45 percent vs. 47 percent).
That women feel more vulnerable about retirement is understandable considering the unique economic challenges they face. Women, for example, tend to live longer and face higher health care expenses in retirement than men. Further, unequal salaries means they may not be able to contribute as much to their employer’s retirement plan. Saving for retirement is also impacted when women take leave from their jobs to either start of raise a family or act as a caregiver.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.