2013 Conference

Financial Services

Financial Services

Seeking information about retirement planning will benefit consumers, helping them make many decisions concerning retirement. The purpose of this study was to examine factors that affect non-retired working-age (25 years and older) women’s retirement savings in personal savings and investments. An online survey instrument was developed to obtain data for the study. Data for this study were collected from a national population with 591 valid responses. From the findings, we know if the women discuss retirement planning with friends/relatives, they do not put much money into personal saving and investment accounts for retirement. They probably get incorrect and/or insufficient information, may not consider the profile differences between themselves and friends/relatives that mean they need to take different actions or they only discuss without taking action. Financial advisors' advice does help improve female customers’ retirement savings. When financial professionals reach married male clients, they can also encourage the client to invite his wife to join the counseling. Other researchers have found that female clients are more likely to follow the advice.