October 9, 2012 (PLANSPONSOR.com) – Baby Boomer women are more uncomfortable, worried or concerned than Boomer men about their current and future financial situation, according to an AARP Public Policy Institute (PPI) survey.
Boomer women were one-third more likely than Boomer men to express a high degree of financial concern (39% versus 22.3%).
Asked about level of confidence in having enough money to live comfortably throughout retirement, 60% of women said they were not confident versus 51% of men. Seventy-nine percent of women expressed concern about their ability to maintain a reasonable standard of living in retirement, whereas 73% of men said the same.
When asked about level of discomfort with current debt levels (such as loans, mortgages or credit card debt), 48% of women said they were uncomfortable compared with 41% of men. Regarding discomfort with their current savings level, 64% of women expressed discomfort versus 59% of men.
Almost all Boomer women (87%) said they were worried that income in retirement might not keep up with inflation, whereas 79% of men said the same. More than three-quarters of women (78%) said they were concerned about depleting savings (74% of men).
Relating to a fear of retirement income varying based on interest rate changes, 67% of women expressed this feeling compared with 55% of men.
The one category where the worry of Boomer men exceeded that of Boomer women was regarding his spouse/partner’s ability to maintain the same standard of living should he die first (55% of men versus 47% of women).