According to a new study from Bryn Mawr Trust, a WSFS Company
(Nasdaq: WSFS), 87% of women feel financially well prepared for
retirement, due to their growing involvement in financial planning
(99% are involved), along with support from financial advisors.
The study, which surveyed 826 women across the country age 40+
with either a household income of $175K+ or investable assets of
$1M, assessed women’s roles and experiences in financial and
retirement planning.
How Women Approach Financial Planning
Gone are the days when women asked others to handle their
financial planning. In fact, only 1% reported not being involved in
their financial planning and just 5% reported being minimally
involved. Most women report sharing the responsibility of financial
planning with their partner (60%), a fourth report having sole
responsibility (25%), and about a tenth report being guided by
their advisor (9%).
While one fourth of women maintain sole responsibility for
financial decisions, they are increasingly sharing these
responsibilities in areas like retirement planning (56%), trust and
legacy planning (50%), investment planning and management (50%),
and tax planning (46%).
Younger women are more likely to have shared responsibility in
retirement planning, with seven in ten (68%) of those ages 40-49
sharing responsibility in retirement planning, compared to 51% of
women ages 50-59, 52% of those ages 60-69, and 48% of women ages
70-79.
Mature women, however, are more likely to report having sole
responsibility in retirement planning, with 16% of women ages 40-49
reporting having sole responsibility for retirement planning,
compared to 23% of women ages 50-59, 19% of those ages 60-69, and
23% of those ages 70-79.
“Women play a vital role in the economic picture of their
families and communities. Taking a proactive and engaged approach
to their financial planning is crucial,” said Jamie P. Hopkins,
Senior Vice President, Director of Private Wealth Management, Bryn
Mawr Trust. “This study shows how women can be more confident in
their retirement plans, which is an important step in bridging the
gender and wealth gap for many.”
Confidence in Retirement Planning
With women’s involvement in financial planning increasing, it’s
not surprising that their confidence in retirement planning has
also increased. Among women who are currently not retired, only 38%
are anxious or overwhelmed when thinking about retirement planning.
The remainder (62%) are neutral (29%), confident and in control
(25%), or excited and optimistic (6%). Only 2% are unsure.
While emotional readiness plays a huge role in money management
and financial planning, the majority (87%) of women feel
financially well prepared for retirement. More specifically, 87%
feel well prepared or moderately prepared, while only 13% report
feeling not prepared financially for retirement.
Beyond feeling financially well prepared for retirement, most of
these women are also confident in their ability to sustain and
enjoy themselves in retirement. Women report being confident in
their ability to manage any debts and financial obligations
effectively (81%), support hobbies and personal interests (78%),
engage in the leisure and travel activities they want to (75%),
cover unexpected expenses (74%), and maintain their current
lifestyle (73%). These are all factors that most consider
“concerns” when planning for retirement.
“Increasing involvement and understanding in any field naturally
boosts confidence, which in turn, propels growth,” stated Jackie
Reeves, Director of Retirement Plan Services at Bryn Mawr Trust.
“Given the dynamic landscape of financial regulations and
retirement planning, seeking guidance from expert advisors is not
merely advantageous, but it's critical for informed, strategic
decision-making that stands the test of time.”
Learning from the Experts
When it comes to learning about the ins and outs of financial
planning, such as budgeting, saving, investing and retirement
planning, most respondents prefer to consult the experts. More than
half (57%) turn to a professional financial advisor as their
preferred source of learning, followed by a spouse or other family
member (40%), online resources (37%), resources from their employer
(19%), educational books on retirement planning (14%) and online
educational courses or programs (14%). Less popular resources are
in-person courses or programs (8%) and social media (6%).
With retirement planning being top of mind for women, it’s not
surprising that it is the leading life event prompting women to
consult financial professionals. Among those who reported
retirement/planning for retirement had an impact on their financial
planning, more than two in five (44%) sought advice from a
financial advisor. Other major life events that prompted seeking
guidance from a financial advisor were losing a spouse or loved one
(32%), having a bad experience with a financial advisor (27%), and
experiencing poor investment performance (26%).
“The ideal source for financial and retirement planning insights
is an advisor who stays attuned to economic trends, market
dynamics, investment strategies, and sector developments. Merged
with their comprehensive, current insights, this positions them
uniquely to navigate you safely through the complexities of the
financial landscape, ensuring your goals are met with precision,"
Reeves added.
Survey Methodology
The study was conducted by research company Opinium. The sample
included 826 national female respondents ages 40+ with either a
household income of $175K+ or investable assets of $1M+. The online
survey was conducted from December 14-18, 2023, with a margin of
error of +/- 3.4 percent.
About Opinium, Inc.
Opinium is an award-winning strategic insight agency built on
the belief that in a world of uncertainty and complexity, success
depends on the ability to stay on pulse of what people think, feel
and do. Creative and inquisitive, we are passionate about
empowering our clients to make the decisions that matter. We work
with organizations to define and overcome strategic challenges –
helping them to get to grips with the world in which their brands
operate. We use the right approach and methodology to deliver
robust insights, strategic counsel and targeted recommendations
that generate change and positive outcomes.
About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial
services company. Its primary subsidiary, WSFS Bank, is the oldest
and largest locally headquartered bank and trust company in the
Greater Philadelphia and Delaware region. As of December 31, 2023,
WSFS Financial Corporation had $20.6 billion in assets on its
balance sheet and $84.3 billion in assets under management and
administration. WSFS operates from 114 offices, 88 of which are
banking offices, located in Pennsylvania (57), Delaware (40), New
Jersey (14), Florida (1), Nevada (1) and Virginia (1) and provides
comprehensive financial services including commercial banking,
consumer banking, treasury management and trust and wealth
management. Other subsidiaries or divisions include Arrow Land
Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust®, The
Bryn Mawr Trust Company of Delaware, Cash Connect®, NewLane
Finance®, Powdermill® Financial Solutions, WSFS Institutional
Services®, WSFS Mortgage®, and WSFS Wealth® Investments. Serving
the Greater Delaware Valley since 1832, WSFS Bank is one of the ten
oldest banks in the United States continuously operating under the
same name. For more information, please visit www.wsfsbank.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240215555426/en/
Media Contact: Rebecca Acevedo (215) 253-5566
RAcevedo@wsfsbank.com
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