Overall, American women are doing a better job of saving and preparing for retirement, and feeling more confident in their retirement prospects, compared to women in the rest of the world, according to a new study.
However, there is a but: American women aren’t doing all that great or feeling all that thrilled about retirement — it’s just that women in other countries feel less financially prepared and are more fearful at the prospect of retiring.
That’s the just of a recently released report titled The Changing Face of Retirement — Women: balancing family, career and financial security which surveyed 7, 956 women in 15 countries. The study was conducted by the Transamerica Center for Retirement Studies (TCRS) and the financial services firm Aegon.
According to TCRS President Catherine Collinson, women in the U.S. still have a long way to go. “Until we see higher levels of savings rates, greater confidence and fewer women at risk, we still have a lot of work to do,” Collinson said. She went on to point out that women in both the U.S. and the rest of the world are at a greater risk of not achieving financial security in retirement compared to men.
In several ways, the survey’s results supported those from a June 2014 TCRS and Aegon report of men and women from around the world. June’s report found that Americans felt more confident and secure about retirement compared to residents from other countries, with the exception of three rapidly developing countries: Brazil, China, and India.
In general, American women have a much more positive outlook on retirement, even though many are facing financial risks. In fact, women in the U.S. feel retirement is time for them to pursue their hobbies, spend time with loved ones, and refocus their lives, according to the study.
Nearly three in four U.S. women who participated in the survey (74%) associated retirement with positive words such as enjoyment, leisure, and freedom, as opposed to boredom or loneliness. Also, 34% of U.S. women surveyed considered volunteer work to be an important retirement goal.