According to the Women’s Financial Survey conducted by Credit Union National Association (CUNA), women of all ages believe saving for retirement should be a priority.
CUNA, which is a trade association serving America’s state and federally chartered credit unions, found that women younger than retirement age as a whole are interested in saving for retirement. However, the study did show that the concern about saving for retirement varied between age groups among the women surveyed.
The survey states that 84 percent of women between the ages of 63-54 were most interested in saving for retirement; 78 percent of women between the ages of 53-44; and 67.7 percent of women between the ages of 43-33. The survey found that the least interest expressed was by the youngest group of women between the ages of 33-20, with 54.3 percent interested in saving for retirement.
While still remarkably significant, the finding that the youngest group of women also expressed the least interest is concerning, because individuals in that age group (both men and women) are able to benefit the most from compounding interest on retirement savings. Despite this concern, one thing is clear, women understand the importance of retirement savings.
As the men and women of today’s workforce face reduced pensions, and declining home values, there is a much greater need for retirement savings. It is important that all members of the workforce have their eyes on the long-term goal of retirement, and plan accordingly.
By Eric J. Einhart, Esq. – Guest Blogger