Women are concerned about the impact of the COVID-19 pandemic on their finances and the resulting uncertainty can make planning for the future—and their
retirement—more difficult. For several consecutive years, the Nationwide Advisor Authority study has revealed the disconnect between women’s growing concerns
about their ability to retire and their level of preparation—and the pandemic has taken this to new levels. While women are acutely aware of the challenges they
face, it’s critical that they take steps now to address gaps in their retirement plan, especially as we start a new year.
- Year over year, women are more concerned about an economic recession and a bear market.
- In 2020, women said losses from the pandemic rose to their top financial concern.
- Women citing “protecting assets” is a rising concern—up 10 points over the prior year.
- Given the impact of the pandemic, 59% of wmen said they’d feel more secure if a portion of their portfolio was invested in an annuity to help protect against market risk.
- While women and men with a strategy to protect assets use fixed annuities, women are much more likely to use FIAs and much less likely to use RILAs.
- Nearly 75% of women said that the pandemic has had a negative impact on their retirement savings.
Find more information and an infographic here.