11/1/13
Nearly half of working women ages 40-69 with $145,000 in household income say they earn about the same (20%) or more (24%) than their spouses, according to Wells Fargo. While 40% have a written retirement plan, affluent women report needing $1.5 million to retire at age 66 and project their savings will need to last an average of 18 years.
More than half of affluent women (57%) say their top concern is living in poor health for many years in retirement, 40% fear running out of money, and 10% are concerned about having to work forever.
Two in three affluent women say accumulating wealth made them “thriftier,” and 58% describe themselves as savers. Four in 10 (41%) say they are “not at all” confident in their ability to invest.
Confident investors are more likely than those who aren’t confident about their investing skills to believe the best place to grow savings is through the stock market (59% vs. 44%). Confident married women are also more likely than their less-confident counterparts to say they alone or with their spouse make household investment decisions (73% vs. 49%).
SOURCE: Wells Fargo, Amy Hyland Jones, 301 S. College St., 22nd Fl., Charlotte, NC 28202; 704-383-4995; amy.hylandjones@wellsfargo.com; www.wellsfargo.com.
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