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.