Ron Olsthoorn Remarks on Gender Differences in Retirement Planning

NEW YORK, NY, July 12, 2012

A new report from Fox News highlights behavioral trends among the baby boomer generation regarding retirement savings and financial planning concerns. The article notes that these concerns are equally prevalent among both men and women, due to recession-related issues. However, there is one particular difference between the two - women are less optimistic about their family savings than men. In addition, women are more open to discussing planning and financial situations than "silent fathers." Ron Olsthoorn, CFP-certified financial planner, says that these differences may have deeper roots than the surface comparisons the article makes.

According to the article, Ameriprise Financial recently conducted a survey "that explored the differences in how baby boomer men and women approach financial conversations and support family members." Suzanna de Baca, Vice President of Wealth Strategies at Ameriprise, comments on the results found in a 2011 study conducted by the company. "More men are prepared for retirement than women, which may contribute to them also feeling more optimistic about it." These feelings of optimism are directly linked to men's ability to earn more money while women were expected to stay home to care for family and children.

"Women may feel less confident about finances because they have offered less in the way of solid retirement planning," observes Ron Olsthoorn, "but that is not the only difference that may explain the gap in approaches among genders." Olsthoorn adds that the rising trends in divorce and single motherhood may help explain these differences. "These women may have also started to realize the financial impact of their divorces that occurred decades ago."

The article raises a specific difference that men are less open than women to having conversations with their children regarding financial planning. Ron Olsthoorn adds that this difference may go back to Ameriprise's argument that men are more confident about financial planning, because they worked more during periods when women were spending time at home raising children. "While fathers may have spent more time working, mothers were spending more time communicating with their children. This may explain why fathers are more likely to simply buy a child's first care, while mothers are more likely to discuss a child's ability to pay for such luxuries," notes Olsthoorn.

According to Ron Olsthoorn, financial expert, the most startling difference among men and women found noted by Fox isn't among baby boomers, but their children. In the article, Suzanna de Baca states, "more daughters are worried about their boomer parents' financial situation for retirement than their sons." Olsthoorn responds with this final statement, "These boomer-like approaches and concerns are obviously passed down to children. Sons are more likely to adopt their father's 'silent' approach, while a daughter is more likely to inherit her mother's vocal discussion of financial concern."

ABOUT:

Ron Olsthoorn is an investment and insurance professional who offers learned expertise gained from the noted Certified Financial Planning Course (CFP). Through his experience, Ron Olsthoorn has developed a great deal of insight into the inner workings of the financial planning industry, allowing him to guide individuals while maintaining compliance with all federal and industry regulations.

Website: http://ronolsthoorn.com