GLOBAL - More than half of women have no idea or only a vague idea of their likely retirement income, according to recent Watson Wyatt research.
Some 58% of women participating in a survey of 5,000 people reported this lack of knowledge, as compared with 44% of men. Women most commonly reported that they did not review their pension provision more often because it is too complicated.
Women may on average have lower financial literacy and have less confidence in their ability to save for retirement than men, though it is not clear whether this is because they are underconfident or whether it is because men are being overconfident about their financial affairs, said Gary Smith, a senior consultant at Watson Wyatt.
What is particularly interesting about our research is that woman are more open to encouragement than men to take an interest in their retirement provision and respond to different triggers.
Communication from employers is most likely to prompt women to review their pension arrangements. But 32% of women said the pension communication material they had received from pension providers or employers was “complex,” while 25% said it was “straightforward.”
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