Her perspective is different, her objective is the same — a secure retirement

Many women control the financial decisions for their families, and their life experiences influence the way they approach saving and investing. Go beyond the numbers and learn more about what sets women investors apart.

By 2030, women are expected to control two-thirds of the wealth in the United States.¹ In 2022, that represented more than $10 trillion²—and it could balloon to $30 trillion by 2030, according to McKinsey & Company.³

Whether they’re investing just for themselves or managing family or business assets, many of your women clients already lead the decision-making process when it comes to the financial plans you oversee with them. Yet women historically lag behind when it comes to saving for retirement. On average, women have saved 30% less than men by the time they retire.⁴  

You’re in a unique position to help each client stay focused and on track to achieve their savings goals. Your clients already have taken control of their financial futures by working with a financial professional and creating a plan. But when working with women clients, there are nuances to consider that influence how and when—and why—they invest.

HER PATH IS DIFFERENT, TOO

A woman’s financial journey can look very different from a man’s. ⁵ It can include investment obstacles such as:

• Time out of the workplace for family and caregiving responsibilities.
• A longer life expectancy.
• A lower risk tolerance.
• The gender pay gap.

The gender gap remains problematic. The most recent data show women’s earnings are 83.6% of men’s,⁶ leaving less money available to invest for retirement and other goals. A lower risk tolerance may pay off over time with better performance,⁷ but it’s still crucial to uncover additional ways to grow and protect assets to cover needs throughout a lifetime. And women’s’ longer life expectancies mean more years in retirement, which requires careful consideration of guaranteed income sources beyond Social Security.

HER GOALS ARE SIMILAR — BUT WITH A TWIST

Women often invest for specific reasons beyond amassing assets, including leaving a legacy, making a social impact, funding a business, and of course, providing for their own retirement.⁸ Understanding a woman client’s core values can help you uncover opportunities to maximize her assets and make those goals come to life.

Every client who is saving for retirement wants to secure their future. Considering how your women clients differ from men clients in their attitudes and goals—and identifying additional ways to add value to your relationship with them—can lead to a deeper connection. Be the partner who responds to their holistic needs and helps them pull the plan together with information and resources that demonstrate your value beyond investment advice.

Consider all the options available to women to work towards their retirement goals. These solutions could include things like fixed indexed annuities (FIAs) that can both protect and grow savings.

Symetra has the solutions and tools to help you connect with your clients and guide them toward a secure retirement. Read more about women’s needs in retirement and how to address them.

Annuities are issued by Symetra Life Insurance Company, 777 108th Ave NE, Suite 1200, Bellevue, WA 98004. Neither Symetra Life Insurance Company nor its employees provide investment, tax, or legal advice or endorse any particular method of investing. Individuals should seek appropriate professional advice before making savings and investing decisions.

Sources:

1  Preparing for the Great Wealth Transfer to Women | PNC Insights

2  Money decisions by women will shape the future for the U.S. (cnbc.com)

3  Women as the next wave of growth in US wealth management | McKinsey

4  50+ Essential Retirement Statistics for 2024: Demographics (annuity.org)

5, 8  Managing the Next Decade of Women’s Wealth | BCG

6 Women’s earnings were 83.6 percent of men’s in 2023 : The Economics Daily: U.S. Bureau of Labor Statistics (bls.gov)

7  Women and Investing in 2024: Where Women Win | The Motley Fool