Wednesday, November 3, 2010

Good news! Women are more dedicated to saving more on the job

There's good news in the latest findings from The Hartford Financial Services Group about women and money. A new survey shows that consumers in general are becoming more dedicated to saving but that women in particular seem to be better understanding the need for long-term money planning. The study also reports that women are doing a better job of understanding their retirement benefit plans offered through their employers. Sixty-nine percent of women in the study said they "completely or mostly" understand their retirement benefits compared to 56 percent last year.

April Dykman, writing at GetRichSlowly.org, digs into the study.
"Unfortunately," she reports, "the study also found that 22 percent of those polled reduced contributions to their retirement, or stopped contributing altogether, due to economic conditions. This was the case for 22 percent of women, up from 11 percent last year, and 21 percent of men, up from 15 percent in 2009."
In addition, she said. "one in five surveyed indicated that their employer-match contributions had been lowered or eliminated."
Sharon Ritchey, a Hartford vice president, encourages women to start saving for retirement as soon as possible and keep saving continuously throughout their working years. "Women should find a financial advisor that they trust and work with him or her to create a long-term financial plan that includes a well-diversified retirement portfolio," she said. "The plan should include longer-term investments such as equities to help women not only reach retirement but live comfortably for many years thereafter."

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