According to an Oppenheimer press release on the survey, 56% of the women surveyed said they are not very or not at all prepared for retirement. The data shows they do realize what they will face in retirement though, as 63% said they believe they will live to be 80 or older, 65% expect to live longer than their spouse, and 41% said they will spend part of their retirement in a nursing home.
“Our survey data shows that women have a clear understanding of the importance of saving for retirement but they are not yet taking the financial steps necessary to ensure their own financial stability. In fact, 73% of the women surveyed said they spend more money on clothing, shoes and entertainment than they invest,” said Lauren Coulston, Assistant Vice President, Advocacy and Training Manager at OppenheimerFunds, in the release.
In addition, according to the release, the survey found:
- Outside of retirement plans, Certificates of Deposit (CDs) (24%) and treasury and savings bonds (23%) were the top ranked investment vehicles for women, while men ranked stocks (40%) and mutual funds (33%) as their investment vehicles of choice.
- One quarter of women compared to 44% of men are responsible for buying and selling stocks, bonds and mutual funds in the household, and 64% of women say they do not understand how a mutual fund works. However, women are more likely to pay the bills (60%), balance the checkbook (67%) and maintain the family budget (54%).
- Almost three quarters (73%) of female investors say they are more knowledgeable about investing because they are working with a financial advisor, and 50% of respondents who work with advisors are willing to take more risks with their investments.
- Sixty-six percent credit working with an advisor as making them feel more confident about having enough money for the future, and 75% say it makes them feel more comfortable in general about investing.
The survey, conducted by Insight Express, gathered data from 1,000 female and male investors. OppenheimerFunds Web site is www.oppenheimerfunds.com .