2017 RICP® Retirement Income Literacy Gender Differences
Our research reveals gender differences in retirement income literacy and how they can impact women.
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July 06, 2017
“The results of this study reveal that women continue to require more financial education and increased planning. Throughout their lifetime women will face challenges that include longer life expectancy, lower income, increased need for long-term care, and they are more likely to experience widowhood.”
–Jocelyn Wright, State Farm® Chair in Women and Financial Services and Assistant Professor of Women's Studies at The American College of Financial Services
The 2017 RICP® Retirement Income Literacy Report was designed to assess retirement literacy among individuals who are nearing or already in retirement. Because respondents were identified by demographic status, including gender, the data was able to identify substantial differences in literacy rates between respondents with and without college degrees, wealthier and less wealthy respondents, and men and women.
Unfortunately, women did significantly worse on the retirement income planning literacy quiz than men. They showed lower levels of self-perceived knowledge. They were more likely to identify themselves as cautious or risk averse than male respondents. And women respondents were less likely to do internet searches to look up financial information.
Because women were more likely to show low levels of literacy around key decisions, this could be negatively impacting their retirement security.
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