Senior Women Fail Retirement Income Literacy Quiz
Senior Women Fail Retirement Income Literacy Quiz
The American College of Financial Services released new research findings, the RICP® Retirement Income Literacy Survey, detailing the literacy gaps between men and women. Only 18% of the retirement age women respondents could pass the basic retirement income literacy quiz. However, nearly twice as many males could pass. This is worrisome because women face a number of more serious retirement challenges that their counterparts do not face.
According to Professor Hopkins, women face three serious risks in retirement that men do not face to the same degree. First, women face greater longevity than men. Secondly, women typically have higher health care expenses in retirement. And lastly, women tend to suffer more from long-term care events than do men. Despite facing higher risks of running out of money in retirement, women appear less prepared and less knowledgeable about retirement than men.
This lack of retirement income literacy highlights the need for assistance and increased education.
Check Out The Article
To learn more, click the link below to read this research citing Professor Jamie Hopkins.