Women may be taking the recession a little personally. A recent survey from Wells Fargo found 29 percent of boomer women are angry about the recession and its impact, compared with 21 percent of men. Still, 24 percent of women are saving less for retirement than they did a year ago; only 16 percent of men cut back on their retirement savings.
Richard Day Research conducted the survey for Wells Fargo among over 2,000 affluent pre-retirees and young retirees. Men appear to be a lot more optimistic about their retirement than women. A little over half of boomer men expect they’ll have to cut back after retirement, and 30 percent wish they had cut back while they were still earning an income. More than a third of all retirees have cut back since they retired.
Sixty percent of women agreed they’ll have to cut back once they retire and 37 percent said they should have cut back while working. Thirty-eight percent of retired men say they wish they had started saving earlier, but 46 percent of women think they waited too long.
There’s opportunity for advisors reaching out to women and pre-retirees. Among women who are still working, 45 percent wish they had educated themselves sooner about retirement and 27 percent are turning to their financial advisors more often. Only 14 percent of boomer men said they were depending on their advisor more since the downturn.