Women across four generations were polled by Prudential Financial for the company’s biennial “The Financial Experience and Behaviors Among Women” study. The study found virtually no change in women’s confidence levels toward achieving their retirement goals. But there is a stark contrast in Internet usage between the generations: Millennials (ages 25-29); GenXers (ages 30-42); Baby Boomers (ages 43-61); and Matures (age 62 and up).
Eighty percent of women said maintaining their lifestyle in retirement is a priority, but very few of them are very confident they can do it–a 62-point gap exists, according to Prudential.
When it comes to top resources for financial planning information, 34 percent of women across the generations named a financial advisor, while 19 percent named friends and family as their most preferred source. When it came to other top resources, 79 percent of Millennials named the Internet. Two-thirds of Gen X respondents named the Internet, but the number dropped to 46 percent for Boomers and 45 percent for Matures.
Mature women showed the best product knowledge among the generations studied. Overall, 29 percent of women showed a firm grasp of insurance products and 28 percent did the same for workplace retirement plans. Understanding of mutual funds (15 percent), long term care insurance (13 percent) and annuities (10 percent) dropped.
To see the full study, visit www.prudential.com.