Only 20 percent of women think they are on track to achieve their required retirement income. And 40 percent state that they don’t know, according to new research.
These findings are revealed in The 2014 Aegon Retirement Readiness Survey, which includes responses from 16,000 employees and retirees in 15 countries: Brazil, Canada, China, France, Germany, Hungary, India, Japan, the Netherlands, Poland, Spain, Sweden, Turkey, the United Kingdom and the United States.
Women account for half of all respondents (7,956 in total); of these 62 percent are married or cohabiting, and 52 percent have an undergraduate degree or higher. The report examines women’s retirement outlook worldwide and obstacles may be preventing them from saving sufficiently for retirement.
The report reveals a disconnect between women’s preparedness for retirement and the active role many among they play in deciding questions respecting household finances.
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“Women’s lack of retirement preparedness contrasts sharply with otherwise confident and engaged behavior in deciding household budgets,” the report states. “The vast majority of women (80 percent) are actively involved in managing their households’ budgets and finances.
“Women attach a high priority to managing household finances, and this is an area where 71 percent feel financially confident. The need for working mothers to concentrate on short-term finances is clear. Unfortunately, less priority is given to the longer-term need to adequately prepare for retirement.