Women Are Feeling Financially Prepared For Retirement Thanks To Hands-On Planning, According To A New Study From Bryn Mawr Trust - Seite 2

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%).