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Women lack retirement savvy, study says

A new survey from ING DIRECT and DailyWorth.com reveals that 78 percent of women lack financial savvy about retirement.

By Heather Trese | Updated on May 02, 2011
Candace Bahr, left, and Ginita Wall, right, founders of the Women's Institute for Financial Education, pose in front of the house they use as an office in Carlsbad, Calif. The growing chain of "money clubs" help women educate themselves about personal finance. (AP Photo/Denis Poroy)

A new survey from ING DIRECT and DailyWorth.com reveals that women are not as prepared for retirement as their male counterparts. In fact, women are out of touch when it comes to the basics of setting up a retirement plan, expressing surprising levels of fear when it comes to their golden years, the survey says.

Nearly eight in ten (78 percent) women say they lack financial savvy (or they are still learning) about retirement planning. As a result, more than one in three married women hand over the reins for their retirement planning to their spouse or significant other. However, many women understand the importance of preparing for their future, as a quarter of women (23 percent) acknowledge that they should pay more attention to retirement planning.

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