Survey Finds Boomer Women Mean Well But Save Little

The top financial priority for almost half of the boomers polled still was paying off a loan or credit card debt instead of aiming for retirement.

In fact, when asked about the financial goals for this year, people in the 25 to 40 and the 41 to 60 age ranges are virtually identical, except that those in the 41- to 60-year-old range report shifting around their already purchased assets. Yet, the 60-plus category shifts dramatically toward acquiring more real estate, or retirement or financial protection products.

Prudential found that while 90% of "self-described" retired women who are living "upscale/comfy" are funded by "personal investments, savings and IRAs," only 16% of boomers have opened an IRA or other retirement savings plan in the past year.

But speakers said other survey results suggest that lack of specific knowledge about financial products also may be contributing to women's failure to act on good financial intentions: Almost 50% of the women surveyed said they did not understand individual stocks and bonds, long term care insurance, estate plans, trusts, wills, mutual funds or annuities very well or at all.

"Because I don't know what to do, I don't take action," said Vivian Banta, vice president-Prudential Financial insurance division, of the findings. "Because I don't take action, I don't know what to do."