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When it comes to basic financial literacy, American women seem to be lagging behind men, writes Rachel Cao for CNBC.
New data suggests that only 18 per cent or working-age women can pass a quiz on retirement income knowledge, and more than 80 per cent of women aged 60 to 75 failed the quiz “which featured questions on annuities, company retirement plans, paying for long-term expenses, Medicare planning and ways to manage income in retirement,” she writes.
The findings are troubling for women given that they typically live longer than men and may need additional financial resources.
“All people, regardless of gender, should be equipped with the knowledge that could better prepare them for retirement,” Jamie Hopkins, retirement income program co-director at The American College of Financial Services, is quoted saying.
“Women face a number of challenges that the average man does not face in retirement, including greater longevity. So, in some ways, women should be more aggressive investors and have better retirement income literacy rates, as they need to make their money last even longer in retirement.”
More: Gender gaps in financial literacy should not come as a surprise.

ARIA provides a forum for an informed discussion on retirement income adequacy, and other related issues, including pension and retirement coverage, and defined benefit pension plans – ARIA pensions blog, 12 Dunlop Street, Barrie, ON, L4N 1V6 – sitemanager@ariapensions.ca

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