Uncertain Outlook: Study Finds Female Workers Questioning Retirement Prospects

New data finds a majority of female workers questioning whether they will be able to live the life they aspire to in retirement.

A new survey report released by the Transamerica Center for Retirement Studies (TCRS), in collaboration with Transamerica Institute, sees fewer than one in five female employees (18%) saying they are very confident they will be able to fully retire with a comfortable lifestyle.

In terms of how women envision their retirement, the nearly 2,500 female survey respondents said their plans include travel (69%), spending more time with family and friends (61%), pursuing hobbies (49%), working (30%), volunteering (26%) and taking care of grandchildren (23%).

When asked to specify their greatest retirement fears, 44% of these same survey participants said outliving their savings and investments worried them most. Another 43% said the same about Social Security being reduced or ceasing to exist, with the same number fearing declines in their health that would require long-term care.

Close to 40% are most concerned about not being able to meet the basic financial needs of their family once they leave the workforce, with 34% fearing cognitive decline, dementia and/or Alzheimer’s disease.

Overall, just 16% of female survey participants said they have “a lot” of working knowledge about personal finance, with 25% indicating they have a financial strategy for retirement in the form of a written plan.

Such findings highlight the retirement aspirations of women workers and identify the factors that could prevent them from achieving these goals, according to the report. Catherine Collinson, CEO and president of Transamerica Institute and TCRS, said in a statement that helping female employees improve their retirement outlook is a collective effort.

“Policymakers can orchestrate societal change by implementing reforms to address structural barriers, employers can enhance their business practices and benefit offerings to be more inclusive of women’s needs, women can take greater charge of their financial planning as well as their long-term health, and men can lean in by advocating for them and serving as allies,” Collinson said. “Everyone can and should do their part.”