Retirement planning for women—a key opportunity for financial professionals

Women and financial planning—the gender gap 

Our 10th annual survey of American workers reveals that women are generally struggling more than men to build financial resilience, which in turn is affecting their ability to save for retirement. Here are some key findings.²  

Developing your strategy to connect with female participants  

You don’t have to look far to find women who may benefit from your financial guidance. Many are probably already in the retirement plans you serve. But having access isn’t the same thing as having their trust, which is crucial for your success. Consider offering women-only education sessions that focus on financial basics, retirement planning, and investing to connect better with female participants.

Hosting women-only sessions can help:

• Show you get it—Delivering personalized presentations can demonstrate that you understand the unique challenges women face, such as balancing work and childcare.
• Boost engagement—Female participants may feel more comfortable asking questions and sharing their anxieties in this setting, which may result in more open and honest discussions about money and investing.
• Build relationships—These discussions can create deeper connections, which can lead to wealth management opportunities beyond the retirement plan.   

If you’re a male financial professional, consider teaming up with female colleagues to host or co-host these sessions to help increase relatability. People tend to be more receptive to advice given by someone they identify with.

Here are some other ideas to consider as you develop your strategy:

• Partner with plan sponsors to survey female participants to find out their top financial concerns and priorities
• Review your existing participant education offering, highlighting the presentations you could easily tailor to women
• Check with your recordkeeping partners to see if they have any materials geared specifically to women retirement savers 
• Invite your centers of influence (ideally, female) to speak on their areas of expertise, such as estate planning, banking, taxes, insurance, and long-term care
• Ask retired female clients to share their experiences and lessons learned to help underscore the importance of planning   
• Identify female participants within each plan who could serve as plan ambassadors and financial mentors, encouraging their peers to prioritize their well-being   

Support women on their financial journey   

Whether by choice or circumstance, women may find themselves solely responsible for their financial future, especially in retirement. They’re also poised to inherit a significant portion of the Great Wealth Transfer due to their longer life expectancy. Yet, our research shows many may not feel fully prepared for this challenge, and the majority aren’t seeking professional support. Consider tapping into this opportunity to help women become more financially resilient. Investing in their well-being can benefit them, society, and your business.

For more insight, view our full 2024 financial resilience and longevity report.

1 “Mortality in the United States, 2022,” CDC National Center for Health Statistics data brief, March 2024. 2 John Hancock’s 10th annual financial resilience and longevity survey, John Hancock, Edelman Public Relations Worldwide Canada Inc. (Edelman), June 2024. This information is general in nature and is not intended to constitute legal or investment advice. Edelman and John Hancock are not affiliated, and neither is responsible for the liabilities of the other. This report presents the results of research conducted by Edelman on behalf of John Hancock. The objectives of this study were to (1) quantify the financial situation and level of financial stress of John Hancock plan participants and American retirees; (2) determine the key triggers of financial stress; (3) understand the extent to which actions, including actual financial behavior and planning activity, ameliorate stress; (4) assess longevity and retirement preparation and readiness; and (5) investigate custom insight around how retirees are faring in retirement. This was an online survey comprising of two participant samples: John Hancock plan participants and American retirees. The John Hancock plan participant sample comprised 2,623 John Hancock plan participants. The survey for this sample was conducted from 5/17/24 through 6/3/24, with an average survey length of approximately 18 minutes per respondent. Respondents were located from a list of eligible plan participants provided by John Hancock. The American retiree sample comprised 525 retired Americans, sourced through Angus Reid’s research panel. The survey for this sample was conducted from 5/13/24 through 5/28/24, with an average survey length of approximately 12 minutes per respondent. All statistical testing is done at 0.95 significance levels. Percentages in the tables and charts may not total to 100 due to rounding and/or missing categories.