Women may not feel as financially secure as their male counterparts when it comes to thinking about retirement, but they are certainly looking forward to it more.
A survey by financial planning agency Ameriprise (Stock Quote: AMP) found that 56% of men are confident about their finances and tend to approach the retirement process on their own. Conversely, only 49% of women feel “on track” as they approach retirement and, as such, are more likely to seek out advice from a professional.
When asked whether they were looking forward to retirement, though, 74% of women said they were “enthusiastic” about it. Only 65% of men shared the sentiment.
“The data indicates that men have a harder time letting go of their work identities,” says Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial. “Women are looking forward to retirement more because there are all of these things they want to do with their families and their time.”
According to the survey results, women place a higher importance than men on being able to volunteer (31% vs. 22%), spending time with family (77% vs. 68%) and traveling (27% vs. 19%). Additionally, 38% of men expect to work part-time during their retirement, while only 27% women plan to do so. (Perhaps this is because more men read this study that says retirement poses a threat to mental health.)
Ameriprise’s survey was conducted via telephone by Harris Interactive in May. The popular polling agency interviewed 2,007 American adults aged 40-75, to update a 2005 analysis of the same subject.