Men vs women investors weigh in on Social Security. How do their knowledge and confidence compare? Find out.
Most Americans are worried about the future of Social Security, but men vs women investors appear slightly more confident and knowledgeable about the workings of the system, according to the latest monthly survey from Spectrem’s Millionaire Corner.
Learn more about the Mars/Venus divide in investing by clicking here.
Here’s a closer look at what our May survey tells us about gender and Social Security:
· I have a good understanding of Social Security: Men vs women investors are somewhat more likely to say they have a “good understanding” of the workings of Social Security benefits (43 percent vs 38 percent, respectively). On the other hand, women are more prone than men to say they have a “minimal understanding” (17 percent vs 11 percent, respectively). More than 71 percent of men – compared to 68 percent of women – describe themselves as “very well informed” in their decision to take Social Security benefits. These results support previous Millionaire Corner studies that find men vs women investors express more confidence in their financial management skills, and more optimism in their financial outlook.
· Determining when to start receiving benefits: Proactive research appears to be more common among men vs women investors deciding when to start receiving Social Security benefits. Men are more likely to consult the website or printed materials provided by the Social Security Administration, and to go on websites provided by financial services firms. Women have a higher tendency than men to ask trusted friends and family members what to do (33 percent vs 23 percent, respectively.)
· Timing when to take benefits: Men are more likely than women to plan to start receiving Social Security past their full retirement age in order to maximize their benefits (36 percent vs 30 percent). Women have a higher tendency to say “I don’t know” when to take their benefits (18 percent vs 11 percent, respectively.).
· Fixing the system: Women are less likely than men to believe that future generations will enjoy the same level of Social Security benefits as current retirees (14 percent vs 18 percent, respectively). They’re also more likely than men to say “I don’t know when it comes to fixing the system (27 percent vs 13 percent, respectively). Men vs women investors are more likely to advocate linking the Social Security cost of living adjustment to the chained CPI to slow the rate of COLA increases, and to require workers to pay into the system according to their full – not capped – wages.
Learn more about the significance of the chained CPI by clicking here.