One in three women have not planned for retirement, according to study results released Monday by Windsor-based LIMRA, an insurance research firm.
The study found that women are less involved in retirement and investment than men with one-third of women saying they are monitoring or managing their retirement savings compared with 46 percent of men. Two-thirds of women said they were not confident they would be able to live in the retirement lifestyle of their choosing.
The survey of 3,763 U.S. adults who are not retired was conducted in May.
Women, on average, have 40 percent less than men in their retirement savings, according to LIMRA research.
“Engaging and educating women should be a top priority of our industry,” said Alison Salka, LIMRA’s director of Retirement Research. “There are approximately 16.6 million women within 10 years of retirement, (age 55 to 70 and not yet retired). Our research reveals that many of them are financially unprepared for retirement and because of their lack of knowledge and understanding of our products and services, are not taking the steps to reduce the risk that they run out of money in retirement.”