US Market Research Survey Reveals Womens Top Financial Priority is Saving for Retirement

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14th August 2013 13:42 - Financial Services

The Credit Union National Association (CUNA), recently published findings showing that saving for retirement is a woman’s number one priority and is currently ahead of buying a home, paying off debt, or going on vacation.

CUNA Executive Vice President, Paul Gentile said:

"The fact that women are thinking about retirement planning is a good sign that the message is getting out there that time is one of the most important aspects of retirement savings, and the sooner they start the better."

The study revealed that just under half (45.3%) of women interviewed use 401K saving plans, whilst pension plans (35.8%) and multiple retirement plans (40%) were found to be used less frequently.

Over half (51.2%) of women said they lack confidence in their financial ability, even though almost two fifths (38%) of married women manage the household finances exclusively and just under half (46%) co-manage home finances.

Gentile went on to say:

"It's surprising that although most women manage their household finances, they lack confidence that they are doing it correctly,"

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