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Women and finance: Understand how to better empower your female clients

Men and women approach things differently, especially when it comes to money.  Our latest research—Principal® Retirement Security Survey (Q3 2021)—takes a deeper look into gender differences and possible impacts on investing and retirement savings.

Watch Sri Reddy, Senior Vice President, Retirement and Income Solutions, and Heather Winston, Assistant Director, Financial Advice and Planning, discuss the influence of gender and get insights to help you connect your clients with strategies that may meet their individual needs.

 

Women lag in retirement savings

Women are 24% more likely than men to feel behind in retirement savings
According to our research, women are more likely to feel behind in saving for retirement than their male counterparts. Even though women typically save more and invest more as a percentage, an ongoing wage gap contributes to a savings discrepancy.1
Listen to Heather's and Sri’s insights and expertise on contributing factors related to how women approach investing.

Women and the great resignation: How COVID-19 disrupted work

Why this matters and how women may approach new work differently.
Women are 68% more likely to feel COVID-19 set them back from saving for retirement
Ultimately, the effects of COVID-19 have impacted the way all of us work. It’s left people reflecting on how to spend more time with what matters most—whether that’s family, work or community. But generally, how the effects of COVID-19 and the great resignation impacted men and women looks different.

Lower confidence may make guarantees more appealing

Women are much more likely to want to learn about annuities (33%)2
Similar to retirement savings, women tend to be disciplined savers and spenders. However, our research shows their confidence dropping in both areas. That may explain why women want to learn more about new solutions like guaranteed income.
Find out one way to give confidence to your female clients.

Women and debt: Why gender differences matter

Women tend to have stronger feelings about the debt they carry and what it can mean for you.
Women are more likely to be trying to pay down consumer debt (45%)
How men and women approach debt reveal another variation between genders. While women and men tend to carry about the same amount of debt, the way they manage it shows significant contrast.

Retirement planning for female clients is critically important

Women are more likely to work with a financial professional vs. an online tool (10%)
Women do many things right when it comes to finances, yet still lack confidence in some areas. Having a plan may be one of the keys to gaining reassurance and bolstering long-term savings.
Women plan differently than men; find out what they may want and need.

Engaging and serving female clients 

Hear top tips for gaining the trust of your female clients.
Our research and insights reveal many ways women can approach money differently than men. Consequently, financial professionals may want to adjust their delivery to meet the specific needs of their female clients more effectively.

Top tips for working with female clients

Want to learn more?

Check out these helpful resources and materials below. Still have questions? Reach out to your local Principal® representative or support team.

1 https://www.pewresearch.org/fact-tank/2021/05/25/gender-pay-gap-facts/
2 Principal® Retirement Security Survey, Consumer Results, Q2 2021
3 Income product guarantees are based upon the claims-paying ability of the issuing insurance company.

 

The subject matter in this communication is educational only and provided with the understanding that Principal® is not rendering legal, accounting, investment or tax advice. You should consult with appropriate counsel, financial professionals, and other advisors on all matters pertaining to legal, tax, investment or accounting obligations and requirements.

 

Our survey methodology is available for review.

 

Investment advisory products offered through Principal Advised Services, LLC. Principal Advised Services is a member of the Principal Financial Group®, Des Moines, IA 50392.

 

Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Company®. Plan administrative services offered by Principal Life. Annuities offered through Principal Life Insurance Company. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., member SIPC and/or independent broker/-dealers. Principal Global Investors leads global asset management. Referenced companies are members of the Principal Financial Group®, Des Moines, Iowa 50392.

 

2059247-032022 | 03/22

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This information is educational only and provided with the understanding that Principal® is not rendering consulting, legal, accounting, investment or tax advice. You should consult with appropriate individuals including counsel, financial professional or other advisors on all matters pertaining to business, legal, tax, investment or accounting obligations and requirements.


Insurance products and plan administrative services provided through Principal Life Insurance Co., a member of the Principal Financial Group®, Des Moines, IA 50392.

© 2022 Principal Financial Services, Inc.