Research conducted by The American College for Financial Services suggests that women’s retirement planning and income literacy trails that of men, based on a
38-question quiz testing knowledge on retirement planning, medical and longer-term care, life insurance, investing, and retirement income planning and strategies. Unlike
men who claim to have higher levels of knowledge and then test poorly, women’s self-reported knowledge is more aligned to their actual literacy scores. Combined
with their decision-making power and openness to advice, women represent a critical audience for financial advisors and financial services providers. Understanding how
their approach to financial and retirement planning differs from men and by age, asset level, and racial or ethnic background is critical to building lasting relationships
and developing products, services, and approaches that meet women’s needs.