Women More Likely to Look for Financial Help

January 14, 2011 (PLANSPONSOR.com) - New findings from a recent Charles Schwab survey indicate that men look to others less for financial help and also report making more financial mistakes.

The survey, designed to understand how investors 50 and older approach their finances, found that men are more inclined to trust only themselves to make the right financial decisions (47% vs. 32% of women). But men are also more likely to say they’ve made more financial mistakes than smart financial decisions (29% vs. 20% of women) and that they still have a lot to learn about managing their finances successfully (35% vs. 28%).   

According to a press release, women are nearly twice as likely as men to turn to friends or family members for financial advice (30% vs. 17% of men), Also, more women than men (67% vs. 55%) say that specific options tailored to their unique situations are more important than a wide variety of perspectives and information.  

Forty-four percent of women say they are taking a passive approach with their finances (vs. 37% of men).  Almost half of all women surveyed (46%) are more focused on whether or not their investments or retirement savings are performing well and are less concerned about the underlying reasons for success. Fewer men (38%) feel the same.   

Nearly six in 10 (59%) men say they have learned more from their financial mistakes than from the successes they’ve had; just 51% of women agree with that perspective.  

The Charles Schwab Retirement Advice Survey of 642 Americans ages 50 and over was conducted by Kelton Research between December 15th and December 20th, 2010.