Women: Why Saving for Retirement May be Good for Your Health
TD Ameritrade Survey finds women committed to saving for tomorrow have less
OMAHA, Neb. -- November 29, 2012
Women are more financially powerful than ever before. Not only do they make up
half of the U.S. workforce, but they are the primary breadwinners in 4 out of
10 U.S. families.* Yet, according to a recent survey released by TD Ameritrade
Holding Corporation (NYSE: AMTD), 75 percent of Women said they have no
specific retirement savings goal and nearly 1 in 4 Women (22%) over the age of
23 said they haven’t started saving for retirement yet, compared to only 13
percent of Men.
While women are becoming more financially powerful, some of their financial
behaviors don’t necessarily reflect the same evolution. The survey revealed
that 38 percent of Women said they started saving for retirement after the age
“Clearly gender roles have changed over the last 30 to 40 years, and women are
contributing more to the financial well-being of their families. And yet,
while we’ve seen a shift in the female mind-set in how they think about
financial planning, we’re not seeing them actually take action in ways
compared to their more engaged male counterparts,” said Lule Demmissie,
managing director, investment products and retirement at TD Ameritrade, Inc.,
a broker-dealer subsidiary of TD Ameritrade Holding Corporation. “There are
several legitimate reasons why this may be the case, including much of the
financial industry’s poor performance in engaging women around financial
planning. Resources like TD Ameritrade’s Life 2.0™and LearnVest are an
important step in empowering women investors. Women have an opportunity to be
much more engaged in the financial process. It’s important for them to take
actionable steps in planning for retirement, particularly given their longer
These behaviors may be contributing to why Women are feeling less secure about
their financial futures. According to the survey, 30 percent of Women
anticipate they will be financially worse off in retirement compared to their
Male counterparts (23%), and 48 percent of Women said they aren’t looking
forward to retirement. This lack of financial security about their future
could also be impacting how secure they feel today.
“Taking control of your finances can be a bit overwhelming, especially if you
don’t know where to begin,” said Demmissie. “Taking small steps to empower
yourself can help you gain the confidence needed to make those important
financial decisions. The good news is that women are realizing they need to be
doing something different and we’re seeing that shift occur.”
When asked what amount Female investors wanted to have set aside for
retirement, they said on average $1.8 million while Men said $1.3 million. In
addition, Women said they expect to need retirement income for nearly 20
years, which, assuming they retire in their early 60s, is right on target
since according to the U.S. Census Bureau the average life expectancy for
women is 80.5 years.
Starting young and saving regularly can lead to a more satisfying retirement
tomorrow, but that’s not all. It may alleviate stress today, according to the
survey.Women who started saving for retirement before age 30 and who
contribute regularly to their retirement savings feel less anxious (28% vs.
43%), less frustrated (20% vs. 36%), less regretful (9% vs. 20%), and more
positive (42% vs. 27%) and satisfied (33% vs. 16%) about retirement compared
to those Women who started saving after age 30 and who didn’t contribute
regularly to retirement savings. This shows that saving for retirement early
and regularly may indeed be good for your health.
For individuals looking to take control of their financial planning, TD
Ameritrade recently launched Life 2.0, a website that offers investors access
to free resources like retirement calculators and portfolio planners as well
as information on how to make financial decisions that can help them meet
their financial goals—whether they are recent college graduates, adding to
their family or entering their retirement years.
LearnVest.com is another valuable resource that offers content, tools, and
resources that help build the foundation for developing a financial plan.
Additionally, through LearnVest Planning Services, a subsidiary of LearnVest
Inc., investors receive customized financial plans delivered by the company’s
in-house team of Certified Financial Planners™. These financial plans can help
clients tackle their unique financial situations and work toward their goals.
TD Ameritrade has teamed up with LearnVest to provide a six-month financial
priorities plan for new and existing TD Ameritrade clients.
For helpful tips on retirement planning and more visit
*The Boston Consulting Group “Women want more (in financial services),” Oct.
About the Survey
An online survey was conducted with N = 2029 U.S. residents from March 27-28,
2012 by Head Research on behalf of TD Ameritrade Holding Corporation. The
sample was drawn from major regions in proportion to the U.S. Census: New
England (5%), Mid-Atlantic (16%), South (25%), Midwest (22%), Southwest (12%),
West (20%). In each region, half of the respondents were male (“Men” or
“Male”) and half were female (“Women” or “Female”). Quotas ensured at least n
= 500 respondents from each age cohort of interest to TD Ameritrade: Mature
Generation (1930 to 1945): n = 502 (“Matures”); Baby Boomers (1946 to 1964): n
= 504 (“Baby Boomers”); Generation X (1965 to 1976): n = 505 (“Gen X”);
Generation Y (1977 to 1989): n = 518 (“Gen Y”). All respondents were required
to be sole or shared decision makers with respect to planning and saving for
retirement. The average time required to complete the survey was 10 minutes.
The statistical margin of error in this survey is +/- 2.2%. This means that in
19 out of 20 cases, survey results based on N = 2029 respondents will differ
by no more than 2.2% in either direction from what would have been obtained
from the opinions of all adults born from 1930 to 1989 in the U.S.
About TDAmeritrade Holding Corporation
Millions of investors and independent registered investment advisors (RIAs)
have turned to TD Ameritrade’s (NYSE: AMTD) technology, people and education
to help make investing and trading easier to understand and do. Online or over
the phone. In a branch or with an independent RIA. First-timer or
sophisticated trader. Our clients want to take control, and we help them
decide how—bringing Wall Street to Main Street for more than 36 years. TD
Ameritrade has time and again been recognized as a leader in investment
services. Please visit TD Ameritrade’s newsroom or www.amtd.com for more
Brokerage services provided by TDAmeritrade, Inc., member FINRA
(http://www.FINRA.org)/SIPC (www.SIPC.org)/NFA (www.nfa.futures.org).
TD Ameritrade Holding Corporation and Head Solutions Group (U.S.) Inc. are
separate, unaffiliated companies and are not responsible for each other’s
services or policies.
About Head Research
Head Research is a division of Head Solutions Group (U.S.) Inc., a leading
market research partner for Financial Services companies in North America.
With offices in New York, Toronto, and Montreal, Head delivers the deep
customer insights that increase institutional knowledge and propel business
TD Ameritrade and LearnVest are separate and unaffiliated companies that are
not responsible for one another’s services and policies. TD Ameritrade is not
responsible for and does not endorse any financial or investment information,
advice, opinions, and services accessed through LearnVest or other third-party
financial or investment information or service providers. Please consult other
sources of information and consider your individual financial position and
goals before making an independent investment decision.
TDAmeritrade Holding Corporation
Christina Goethe, 201-369-8541
Communications & Public Affairs
On Twitter @TDAmeritradePR
Jeff Goeser, 402-597-8464
Investor Relations & Finance
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