Northbrook, Ill. (Nov. 14, 2003) -- Gen X women are confident about their investment savvy, thinking about retirement expenses, and saving toward retirement on a scale on par with or even ahead of Baby Boomer women, according to a survey by Allstate.
Generation X women (ages 24-to-37) have already earmarked an average of $410,000 for retirement (including pensions and other company-sponsored savings plans), while Baby Boomer women (ages 38-to-57) are only slightly ahead, having earmarked $451,000 on average, according to Allstate's annual "Retirement Reality Check" survey.
Gen X women are far ahead of their male peers -- Gen X men have earmarked an average of $248,000 for retirement, according to the poll. Baby Boomer men have earmarked $564,000, on average, for retirement.
Gen X women also say they are as confident as Gen-X men in making investment decisions: 71 percent of Gen-X women surveyed say they're confident in making investment decisions, compared to 70 percent of Gen-X men.
Nearly three-quarters (73 percent) of Gen X women say they're confident they know how much money they will need in retirement. On average surveyed Gen X women responded that they expect to need $3,607 a month to cover basic living expenses during retirement, compared with $3,657 cited by Boomer women; $3,287 cited by Gen X men, and $4,869 by Boomer men. The survey conducted by Harris Interactive, polled 1,474 people born between 1946 and 1979 with household incomes of $35,000 or more.
-- WebCPA staff
