The ING International Survey on Pensions and Long Term Savings exposes some fascinating insights into the different ways men and women prepare for their financial futures.
Fast cars and “rainy day” funds
The survey of more than 12,000 people in 12 countries in Europe show men living with their partner are the most likely to have cash squirreled away and to have pension provision outside that required by the government. Emergency money and a house are common goals. But so are “boys toys”, with more men saving to buy a car.
Worry about retirement
Single women are the least likely in the IIS to have put money aside for long-term goals and the least likely to have a non-compulsory pension. But age does come into play here – with younger people less likely to have a private pension (and single women tending to be younger).
What’s not good is that some groups are particularly vulnerable.
Take women in Italy – only 24% have a non-compulsory pension (the lowest proportion in the study) and 72% are worried about having enough money to retire.
The message is to “act now”
Men and women prepare for their financial futures differently. But by delaying, women are in a more difficult position.
The earlier you start to save for retirement the easier it tends to be.
The slideshow How do I plan for retirement suggests thinking about the lifestyle you want later in life and making the most of employer and government plans.
Five intelligent tips to help retire in comfort offers research-based tips such as setting aside regular time to plan and monitor financial goals and making a commitment contract to help stick to them.
Forward thinking tells how seeing an older version of yourself may help boost retirement preparations by making the future seem more real.
This article is related to the ING International Survey: