GENDER COMPARISONS OF BABY BOOMERS AND FINANCIAL PREPARATION FOR RETIREMENT

This study compared men and women, focusing on three middle-year age g roups incorporating the baby boomers, in relation to the level of savi ngs for retirement and the number of savings vehicles utilized. The re search tapped into a study conducted by the National Center for Women and Retirement Research. Usable responses were received from 1,287 per sons, 872 females and 415 males. Multiple linear regression identified certain personal characteristics, economic factors, psychosocial fact ors, attitudes, and investing methods that appeared to be related to t he level of savings for retirement. Certain personal characteristics, economics, and psychosocial factors were identified for the investment s used. The identified factors were true for both genders, thus a prof ile of the person most likely to have a higher level of savings for re tirement and likely to own investments emerged. The males best fit the savings and investing profiles. Neither gender was saving adequately for retirement or taking full advantage of portfolio diversification, with women the lowest. Recommendations are made, based on the findings , for educators, financial institutions and advisors, employers, and p olicy makers.