Significant differences exist between men and women in their approach to retirement, according to a new survey.
Ameriprise Financial Inc., Minneapolis, published this finding in a summary of results from a poll of 11,611 U.S. adults ages 40-75. The survey was commissioned by Ameriprise Financial and conducted online by Harris Interactive, August 4-12, 2011.
The survey finds that men continue to outpace women in planning for the financial aspects of retirement (77% vs. 72%). And though only 22% of Americans report confidence in reaching their retirement goals, men are significantly more likely than women to report this sentiment (25% vs. 19%).
More than half of men (54%) report setting aside money in their own investments (such as stocks and IRA’s) compared to 46% of women who say they’ve done the same, the report says. Men are also more likely than women to report that they’ve determined the amount of income they’ll need in retirement (31% vs. 20%).
This additional financial preparation, the survey adds, may be one reason men are significantly more likely than women to say they feel on track for retirement (41% vs. 34%) and express confidence in their overall financial futures (22% vs. 16%).