Women are less likely than men to expect that tax code changes will yield a significant decrease in household income or asset value, according to a new research.
Nationwide Financial, Columbus, Ohio, published this finding in a summary of results from an online survey of 751 mass affluent investors. Conducted by Harris Interactive, the survey finds that understanding of tax advantaged solutions like annuities, life insurance and 401(k) plans varies among demographic groups.
Just 16 percent of the women polled foresee a decrease in household income or asset value stemming from tax code changes. This compares with nearly one in three (31 percent) of the men surveyed.
The research also reveals that women are less likely than men to have met with a financial advisor to talk about how new taxes may impact their portfolio. Only one in twenty have done so at the time of the survey (5 percent women vs. 13 percent men).
Additionally, half of female survey respondents (52 percent) say they are somewhat or very concerned that changes to the tax code will negatively impact their portfolio compared to seven in 10 male respondents (69 percent) who believe so. Women in the Nationwide survey also express less confidence than male respondents that they completely understand the tax advantages of annuities (17 percent vs. 27 percent), life insurance (23 percent vs. 34 percent) or 401(k) plans (38 percent vs. 52 percent).