Retirement readiness can be a major challenge for plan sponsors. And while the focus on participants’ readiness has centered lately on age and cultural diversity, a new study suggests that gender can be a significant point of differentiation as well. A new survey by OneAmerica® sheds some light on these differences.
The survey showed that men were more likely to think about retirement readiness more often than women. Men also self-scored themselves more knowledgeable about finance and retirement topic than did women. The areas that men felt they had a command of the issues include: student loans, taxation and social security benefits.
“We’ve known for quite some time that men and women don’t just think about retirement differently, they also talk about it differently,” said Marsha Whitehead, vice president of marketing for retirement services for the companies of OneAmerica. “By understanding these differences, plan sponsors can tailor their education programs to increase the influence they have on male and female participants.”
While there were some differences in response trends, there were as many or more similarities in the survey. On some of the broader issues, statistical response rates were insignificant, such as placing importance on employer match in a 401k plan (64 percent of women vs. 61 percent of men). However, when it comes to investment options, 29 percent of men found this important vs. 21 percent of women.
Another area of the survey where the gender gap grew was in the frequency men and women thought about, and talked about retirement readiness. Men reported thinking about retirement readiness. 69 percent of men reported thinking about retirement once a month compared to 55 percent of women.
Statistically, men and women placed similar levels of importance on plan elements and features that would promote active retirement planning. The takeaway from this survey seems to suggest that men may be slightly more willing participants when engaging in a discussion of retirement readiness.
The info graphic below shows some of the highlights of the study.
[pdf-embedder url=”https://401ktv.com/wp-content/uploads/2016/07/R-28145_2015ParticipantWebSurvey_071116.pdf”]
