Women are significantly more likely than men to take action after receiving financial advice, according to a recent survey from TIAA-CREF. The study also found that nearly 90 percent of women take some type of action after receiving such advice, with activities ranging from saving more to rebalancing retirement portfolios.
“We’ve seen in many of our families women are the bill payers, the managers of the day-to-day household finances; they are trying to make ends meet during these difficult financial times. Too often they don’t think about themselves and aren’t saving and investing enough to retire”
The survey was conducted by an independent research firm and polled a random sample of more than 1,000 adults nationwide on their attitudes, preferences and behaviors about receiving financial advice.
The findings also highlight the challenges women face – both real and perceived – when seeking financial advice. Nearly half of female respondents think personalized and objective advice comes at a price they don’t think they can afford. Furthermore, one in three women say they don’t have time to look for advice. These factors prompt many female respondents to turn to family and friends rather than a professional financial advisor when trying to find this information.
