Schwab Retirement Study Uncovers Gender Differences in Money Management Styles

SAN FRANCISCO--()--New findings from a recent Charles Schwab survey reveal marked differences between how men and women approach financial management. The survey, designed to understand how investors 50 and older approach their finances, found that men are more inclined to trust only themselves to make the right financial decisions (47 percent of men vs. 32 percent of women). But men are also more likely to say they’ve made more financial mistakes than smart financial decisions (29 of men vs. 20 percent of women) and that they still have a lot to learn about managing their finances successfully (35 percent of men vs. 28 percent of women). According to the survey, women are nearly twice as likely as men to turn to friends or family members for financial advice (30 vs. 17 percent of men), and some 44 percent of women say they are taking a passive approach, (vs. 37 percent of men).

“These survey findings are an important reminder that everyone handles money differently,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “We know there are no one-size-fits-all solutions, so it’s a priority for us to offer help and guidance that is tailored to the different needs and mindsets of the investors who walk through our doors.”

Additional gender-related findings from the survey include:

  • A Need-to-Know Basis: Almost half of all women surveyed (46 percent) are more focused on whether or not their investments or retirement savings are performing well and are less concerned about the underlying reasons for success. Fewer men (38 percent) feel the same.
  • Learning from Mistakes: Nearly six in 10 (59 percent) men say they have learned more from their financial mistakes than from the successes they’ve had; just 51 percent of women agree with that perspective.
  • Looking for Tailored Advice: More women than men (67 vs. 55 percent) say that specific options tailored to their unique situations are more important than a wide variety of perspectives and information.

Investors can find more information about how to reach their retirement goals on Schwab.com/RealLifeRetirement or by following Schwab on Twitter @CharlesSchwab.

About the Survey

The Charles Schwab Retirement Advice Survey of 642 Americans ages 50 and over was conducted by Kelton Research between December 15th and December 20th, 2010 using Random Digit Dialing of listed and unlisted numbers. Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. In this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 3.9 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.

About Charles Schwab

The Charles Schwab Corporation (NYSE:SCHW) is a leading provider of financial services, with more than 300 offices and 8.0 million client brokerage accounts, 1.5 million corporate retirement plan participants, 681,000 banking accounts, and $1.5 trillion in client assets. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Advisor Services division. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and mortgage services and products. More information is available at www.schwab.com and www.aboutschwab.com. (0111-0620)

Contacts

Charles Schwab
Alison Wertheim, 415-667-0475
alison.wertheim@schwab.com
or
Edelman
Pablo Rodriguez, 415-486-3267
pablo.rodriguez@edelman.com

Contacts

Charles Schwab
Alison Wertheim, 415-667-0475
alison.wertheim@schwab.com
or
Edelman
Pablo Rodriguez, 415-486-3267
pablo.rodriguez@edelman.com