Women are significantly more likely than men to take action after receiving financial advice, according to a recent survey from
The survey was conducted by an independent research firm and polled a random sample of more than 1,000 adults nationwide on their attitudes, preferences and behaviors about receiving financial advice.
The findings also highlight the challenges women face - both real and perceived - when seeking financial advice. Nearly half of female respondents think personalized and objective advice comes at a price they don't think they can afford. Furthermore, one in three women say they don't have time to look for advice. These factors prompt many female respondents to turn to family and friends rather than a professional financial advisor when trying to find this information.
"It's encouraging that women are willing to take action after they receive financial advice, but the fact that so many women say they don't know where to look for advice and don't know whom they can trust shows there's more work to be done," said
The survey also revealed that a significant number of women are concerned about their financial futures. More than half of female respondents admit they worry they will not have sufficient savings to retire comfortably.
These findings are not surprising given the demographics at play. Women are living longer than men and often take themselves out of the workforce due to family responsibilities. These factors, plus each woman's personal goals, need to be considered when creating a long-term financial plan.
To give women the tools they need to help them become financially secure and successful,
"We've seen in many of our families women are the bill payers, the managers of the day-to-day household finances; they are trying to make ends meet during these difficult financial times. Too often they don't think about themselves and aren't saving and investing enough to retire," said
Seventy-four percent of those who have participated in a TIAA-CREF Woman to Woman workshop have increased contributions to their retirement plans.1 In addition, almost all of the workshop attendees say they are committed to taking action to meet their savings and retirement goals.2
To date, this program has reached thousands of women through the workshops across the country. The following are available to
"She's Got It: A Woman's Guide to Saving and Investing," which focuses on the basics of savings and investing from the ground up
"Postcards from the Future: A Woman's Guide to Financially Ever After," which takes a look at retirement readiness
"Start to Finish: The Early Career Woman's Guide to Financial Wisdom," designed to reach those women who are just entering the workforce with basic financial planning information