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Women Are Feeling Financially Prepared For Retirement Thanks To Hands-On Planning, According To A New Study From Bryn Mawr Trust
WILMINGTON, Del.--(BUSINESS WIRE)-- According to a new study from Bryn Mawr Trust, a WSFS Company (Nasdaq: WSFS), 87% of women feel financially well prepared
About this update from Wsfs Financial Corporation
[{"type":"text","content":" WILMINGTON, Del.--(BUSINESS WIRE)--\nAccording to a new study from Bryn Mawr Trust, a WSFS Company (Nasdaq: WSFS), 87% of women feel financially well prepared for retirement, due to their growing involvement in financial planning (99% are involved), along with support from financial advisors.\n\n\nThe study, which surveyed 826 women across the country age 40+ with either a household income of $175K+ or investable assets of $1M, assessed women’s roles and experiences in financial and retirement planning.\n\n\nHow Women Approach Financial Planning\n\n\nGone are the days when women asked others to handle their financial planning. In fact, only 1% reported not being involved in their financial planning and just 5% reported being minimally involved. Most women report sharing the responsibility of financial planning with their partner (60%), a fourth report having sole responsibility (25%), and about a tenth report being guided by their advisor (9%).\n\n\nWhile one fourth of women maintain sole responsibility for financial decisions, they are increasingly sharing these responsibilities in areas like retirement planning (56%), trust and legacy planning (50%), investment planning and management (50%), and tax planning (46%).\n\n\nYounger women are more likely to have shared responsibility in retirement planning, with seven in ten (68%) of those ages 40-49 sharing responsibility in retirement planning, compared to 51% of women ages 50-59, 52% of those ages 60-69, and 48% of women ages 70-79.\n\n\nMature women, however, are more likely to report having sole responsibility in retirement planning, with 16% of women ages 40-49 reporting having sole responsibility for retirement planning, compared to 23% of women ages 50-59, 19% of those ages 60-69, and 23% of those ages 70-79.\n\n\n“Women play a vital role in the economic picture of their families and communities. Taking a proactive and engaged approach to their financial planning is crucial,” said Jamie P. Hopkins, Senior Vice President, Director of Private Wealth Management, Bryn Mawr Trust. “This study shows how women can be more confident in their retirement plans, which is an important step in bridging the gender and wealth gap for many.”\n\n\nConfidence in Retirement Planning\n\n\nWith women’s involvement in financial planning increasing, it’s not surprising that their confidence in r...