Is It "Vive La Difference" When it Comes to Retirement Planning?

Yes, Worley Erhart-Graves Financial Advisors is an all-female firm.  Our financial planning clients, on the other hand, represent both sexes. That explains why, when we came across two articles discussing differences in the way the two sexes view retirement savings, we were interested in what the authors had to say.

Northwestern Mutual’s “2013 Planning and Progress Study”uncovered “a major difference” in risk tolerance between men and women, with 17% of men inclined to invest in the market versus 8% for women.  Men were ahead of women in funding their 401(k) accounts, and 75% of male participants said they made investing decisions on their own (versus women at 64%).

The Journal of Financial Planning’s “Stat Bank” included some interesting gender comparisons as well.  While 43% of women said advice from a financial planner was key to their picking mutual funds, only 29% of men agreed.  Men were ahead of women in terms of having begun to save for retirement (65% of men surveyed versus 53% of women).

Here at WEFA, we can’t argue with the conclusion stated by Northwestern Mutual executive vice president Greg Oberland: “While the differences in perspectives between men and women are interesting, ultimately our study found too many people – regardless of gender – ended up in the exact same place: trying to play catch up.”

In our financial planning practice, we’ve come to understand some of the reasons why too many investors of either gender find themselves in catch up mode. Simply put, you’re busy.  You’re balancing careers, families, and community obligations.

You come to us because, while you have the knowledge and the desire to be on top of your financial affairs, you simply don’t have the time or expertise to handle your own financial planning, manage your portfolio, or prepare your own taxes.

“Vive la difference!” we say. But whether you’re male or female, at Worley Erhart-Graves, our advisory services are designed to help put a sound, personalized plan into place, one that makes sense for you!

Content was prepared by a freelance journalist on behalf of Worley Erhart-Graves Financial Advisors