Women are feeling financially prepared for retirement. Source: Shutterstock.com

87% of women feel financially well prepared for retirement, due to their growing involvement in financial planning, along with support from financial advisors. That is according to a new study from Bryn Mawr Trust, a WSFS Company,

The study, which surveyed 826 women across the country age 40+ with either a household income of $175K+ or investable assets of $1M, assessed women’s roles and experiences in financial and retirement planning.

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Only 1% of women reported not being involved in their financial planning and just 5% reported being minimally involved. 60% report sharing the responsibility of financial planning with their partner, 25% report having sole responsibility and 9% report being guided by their advisor.

Younger women more likely to have shared responsibility in planning

While 25% of women maintain sole responsibility for financial decisions, they are increasingly sharing these responsibilities in areas like retirement planning (56%), trust and legacy planning (50%), investment planning and management (50%), and tax planning (46%).

Younger women are more likely to have shared responsibility in retirement planning, with 68% of those ages 40-49 sharing responsibility in retirement planning, compared to 51% of women ages 50-59, 52% of those ages 60-69, and 48% of women ages 70-79.

Mature women, however, are more likely to report having sole responsibility in retirement planning, with 16% of women ages 40-49 reporting having sole responsibility for retirement planning, compared to 23% of women ages 50-59, 19% of those ages 60-69, and 23% of those ages 70-79.

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Jamie P. Hopkins, Senior Vice President, Director of Private Wealth Management, Bryn Mawr Trust, said: “Women play a vital role in the economic picture of their families and communities. Taking a proactive and engaged approach to their financial planning is crucial. This study shows how women can be more confident in their retirement plans, which is an important step in bridging the gender and wealth gap for many.”