"We've seen a dramatic increase in the number of women working with financial professionals over the past year and, as the results indicate, these women faired better during the crisis than those who chose to go it alone," said Andrew McMahon, president of Financial Protection and Wealth Management for AXA Equitable. "This demonstrates the value of seeking professional financial guidance, not only to navigate through turbulent times, but also to develop comprehensive financial strategies that help individuals prioritize their long-term objectives and stay the course, regardless of the ups and downs of the market."
Younger Generations Learning from the Trials of Baby Boom Women
The number one financial concern among the younger generations of women is not having adequate sources of guaranteed income for life – 87 percent of Gen Y (aged 25 to 29) and 92 percent of Gen X (aged 30 to 44) are worried. Additionally, Gen Y and Gen X women are already prepared to delay retirement. They expect to retire seven years later than they did before the market downturn, reporting their planned retirement age is now 68, versus 61 years old prior to the market downturn.
As a result of the market downturn, about half (49%) of all Baby Boom women have decided to delay retirement. Additionally, nearly four in 10 (39%) Older Baby Boom women (aged 55 to 64) have gone back to work after retiring, while Younger Baby Boom women (aged 45 to 54) are the most likely to have taken a second job or to work longer hours (29% of Younger Baby Boom women versus 11% of Older Baby Boom women)."The large percentage of younger women focused on retirement could be driven by the fact that many Baby Boom women are now struggling to achieve their retirement goals," said Ms. Goodstein. "The data suggests that younger generations are learning from the trials Baby Boom women are going through when it comes to retirement preparation. We hope these lessons will encourage them to take control of their finances sooner." About the Survey Retirement in America: A Survey of Concerns and Expectations, is part of AXA Equitable's ongoing commitment to understanding the financial concerns of consumers and how market volatility has impacted their retirement planning. The study polled 1,000 mass affluent Americans between the ages of 25 and 70 (504 women and 496 men). The survey was conducted in December 2009, and respondents included financial decision-makers with household incomes of at least $75,000 or investable assets between $250,000 and $999,999. Margin of error for the research is +/- 3 percent, at a 95 percent confidence level. Where necessary, results were weighted to represent overall characteristics of the mass affluent American public. In some cases, comparisons are made to similar studies conducted in February 2009, October 2008 and April 2008. The study is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer, inducement or solicitation to buy or sell any securities or to adopt any investment strategy. AXA Equitable undertakes no obligation to publicly update or revise any of these findings, whether to reflect new information, future events or circumstances, or otherwise.