CHICAGO, Nov. 15, 2012 /PRNewswire/ -- The impending
fiscal cliff is not the only financial crisis that Americans are
facing. According to the latest Mintel research, most Americans,
particularly women, are woefully underprepared for retirement. In
fact, four in ten women have less than $10K saved, and only 21% have more than
$100K in all of their investment
accounts.
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The situation is even more dire for pre-retirees. Some 58% of
single women aged 45+ who have any kind of savings or retirement
account have less than $50K saved,
while only 22% have more than $100K
saved. At the same time, these women are aware of their need to
step up their savings efforts, as only 5% of 45-54-year-old women
and 16% of 55-64-year-old women believe they are saving enough for
their twilight years.
"Women nearing retirement age believe saving for retirement is
very important, and women aged 25-44 are the most likely to rate
saving for retirement as their top financial goal over the next
year," says Susan Menke, VP and
behavioral economist at Mintel. "While it may be too late for older
women, research suggests that younger women are starting to save
early and may not end up in the same predicament."
Thirty-six percent of women who aren't retired yet say they plan
to keep working at least part-time during retirement because they
expect they will need the income. That number jumps to 50% for
women who are 55-64-years old. Lack of retirement planning is
evident in that only 13% of women who aren't retired say they have
determined the age at which they will be able to do so.
"There is a definite opportunity for banks that are willing to
offer quality advisory services to their female clients," notes
Susan Menke. "More than half of
women say they 'trust the professionals at their bank to give them
good advice about the products that are best for them,' suggesting
they would respond well to recommendations made by an advisor at
their bank of choice."
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SOURCE Mintel