With the seemingly constant barrage of industry surveys, studies, and articles reporting lack of retirement readiness, one wonders where this is all leading to, and whether anything can be done about it.
To that end, this study by Prudential analyzes the financial behavior of men and particularly women across multiple generations, by geographic location, which helps determine different strategies to address key issues to change behavior and achieve a better outcome.
Since the study focuses specifically on women, with their perceptions, challenges, concerns, specific ideas can be generated to reach this key segment of the population.
Due to the critical role that women play in the overall, and especially financial, well-being in families, it becomes even more important to tailor information presented that resonates with them, with the important messaging necessary and a call to action.
Key observations from the survey that should be addressed first:
– Demonstrating the importance of retirement planning.
– Education about all available resources from which help can be acquired, especially professional help.
– The guidelines towards the end of the report is a very valuable starting point.
Additional thoughts to spur action:
– Should retirement savings be considered another “line” item to be budgeted for?
– Should there be a mechanism to measure progress relative to desired targets (for monthly / periodic savings)?
– Does there need to be an “automated” alert system when desired targets are missed, with suggestions on how to make up lost ground?
How about additional thoughts? Let us hear those and feel free to share!