Even when it comes to retirement, their are distinctive
differences between men and women.
A retirement planning report just released by Ameriprise
Financial, Inc., found that men tend to focus on setting
aside money, while women put greater emphasis on health
and proximity to family.
Fifty-four percent of the men said that they were setting
aside money in their own investments, such as stocks and
IRAs, while only 46 percent of women reported having taken
that action.
Men are also more likely than women to have determined the
amount of income they’ll need in retirement (31 percent of
men and 20 percent of women have made that determination).
Men are “significantly” more likely than women to say they
feel on track for retirement (41 percent versus 34 percent)
and express confidence in their overall financial futures
(22 percent versus 16 percent).
On the other hand, 41 percent of women respondents said
they plan to spend more time with family during retirement,
compared to 34 percent of male respondents.
Women also reported a greater emphasis on maintaining their
health as they age and put greater importance on proximity
to family while determining where they will retire.
What does this all mean to you?
It means that you need to take a different approach when
dealing with men or woman. You need to focus on what
matters most to them, rather than treating them all the
same.
With most men you should spend more time on the numbers,
while you may want to focus more on lifestyle goals when
dealing with women.
If you ask questions and focus on what is really important
to them you will have a much better chance of helping them
solve their financial challenges.
Another stat to remember is that only 22% of men and 16% of
women expressed confidence in their overall financial
futures.
It is more important than ever that we get our message out
there and help the vast majority of people that are
wandering in ‘financial fog’.
P.S. Tomorrow we will talk to an ex-contractor who used two
simple steps to generate $104,000 in three months, and is
having the funnest time of his life selling life insurance!
So go here and register (and make sure you get on early)
while spots are available.
