Information Sources and Retirement Savings of Working Women

This study examined how retirement planning information search was related to retirement savings of working women. By controlling for sociodemographic variables, the study further explored factors associated with individual information sources for retirement planning. An online survey was developed to collect data from a national population, obtaining 591 valid responses. The results showed that women who learned about retirement planning through discussions with friends/relatives tended to save less in their personal retirement savings, whereas those who obtained information from financial advisors tended to save more. Personal income was positively associated with seeking information from financial advisors. The study concluded by discussing the implications for financial service providers, retirement plan marketers, financial educators, researchers, and policymakers.