Two thirds of women are delaying retirement due to inflation
Welcome to the bi-weekly update (#154) where we dive deeper into key topics, themes or issues specific to women and their lived experience.
According to Nationwide Retirement Institute® survey, 62% of women are expecting to retire later than planned or don’t believe they can retire because of inflation (compared to 42% men).
And this is a significant jump from 2021, where only 1 in 4 women expected to postpone or cancel their retirement due to the pandemic.
So what is going on?
In addition to reducing savings contributions, 15% of women who are expecting to delay or cancel their retirement, have had to support a friend or family member because of inflation.
As a result, more than 56% of women are worried about where they are with their retirement plan or investments. And of the women who are cancelling or delaying retirement, 57% say this has impacted their mental health (compared to 48% of men).
Moreover, women struggle to optimise their income for retirement. For example, 51% of women face challenges around turning their retirement savings into income in retirement.
Perhaps it is not a surprise that more women (than men) are interested in solutions that counteract the impact of inflation and allow them to better plan for retirement.
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