Here’s the Biggest Reason Women Seek Financial Advice (Hint: It’s Not Retirement)

An uncertain economic future and a rising cost of living have caused women investors to begin to worry about their retirement plans.

A full 70% of female investors say a combination of inflation and fears of a recession have made them pause and rethink when they will be able to retire — or if they can do so at all, according to a recent survey conducted on behalf of the Nationwide Retirement Institute.

Among other questions, the survey asked 2,346 adults with investable assets of at least $10,000 why they seek out financial advice.

Here are the biggest reasons women gave for looking for money help today.

1. Tax planning strategies

Female investors who said they discuss this topic most often with their financial professionals: 37%

Despite the worries women have about retirement, it’s concern about taxes that is most likely to motivate them to seek professional money advice.

Single women are especially likely to look to an advisor for help. Over the past 12 months, the survey found, 41% of single women began to work with an advisor compared with 37% of married women.

In a summary of the findings, Ann Bair, senior vice president of marketing for Nationwide Financial, says:

“While women in general face significant challenges when planning for retirement, single women are doing so without the balance provided by a partner’s savings and income. For many, there is no back-up plan.”

2. Building retirement savings

Female investors who said they discuss this topic most often with their financial professionals: 34%

Few decisions pack a bigger financial wallop than the choices we make when planning for retirement.

Plan things well, and you can finance the retirement of your dreams. Fail to do so, and you can expect to struggle through your golden years.

The stakes are high, so many women would rather turn to the advice of a professional than roll the dice and handle matters on their own.

3. Converting savings into retirement income

Female investors who said they discuss this topic most often with their financial professionals: 27%

Some retirees will tell you that saving for retirement was the easy part: Things get tougher when it is time to start dipping into those savings.

The right professional can craft a retirement income plan that is tax-efficient. A good pro can also help you strike the right balance between taking enough risk to grow your savings without putting yourself in danger of running out of money if stocks go south.

Finding the right pro for you

A good financial advisor can help you craft a money plan that will boost your odds of reaching financial goals. If you are interested in such assistance but don’t know where to start, use a service such as SmartAsset that can match you with a great financial advisor in your area.

For more on choosing a great financial professional, check out Money Talks News founder Stacy Johnson’s tips in “The Right Advisor Can Double Your Retirement Savings: 4 Tips to Find One.”