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Box 1354 St. Louis, MO 63188 Voice: 314-771-0200 Fax: 314-771-0300 To submit news, contact: editor@slfp.com To advertise, contact: advertising@slfp.com More Women Than Men Lack Confidence in Preparing for Retirement ST. LOUIS (PRNewswire), May 11, 2008 - Wachovia's fourth annual Retirement Survey shows that major gaps exist between men and women when it comes to planning for and living in retirement. When it comes to the stock market, 54 percent of the pre-retirement women surveyed say they are "frightened" by the idea of entrusting their savings to the market, nearly double the number of men - 30 percent - who say they feel this way. A total of 42 percent of women surveyed say they feel "intimidated" by preparing for retirement either "sometimes" or "often," as opposed to 29 percent of men. And 47 percent of women feel investing "takes more knowledge and skill" than they have, as opposed to 30 percent of the men surveyed. "Women need to become more comfortable and confident with retirement saving and the basics of the market so they can create a nest egg that will last," said Lynne Ford, director of Wachovia's Retail Retirement Group. One difficulty working women face in saving for retirement is that many do not have a 401(k) plan. Of the employed women surveyed, 31 percent said they do not have access to this savings vehicle, versus 19 percent of the men surveyed. Among women who report having a 401 (k), only about a quarter contributed the maximum amount allowed in 2007 versus 33 percent of the male respondents. An equal number of women and men report having an IRA: 63 percent of women and 65 percent of the men. Gender Differences in Retirement: Behaviors and Perceptions In retirement, more women, 35 percent, than men, 22 percent, report withdrawing 10 percent or more of their retirement savings to pay for living expenses. The industry recommendation is to withdraw no more than 4 percent annually. According to the study, women are also less inclined to link their satisfaction in retirement to how much money they have or to see themselves as having planned effectively for retirement during their working years. Of the men and women who had retired and said it was going "somewhat better" to "much better than expected," money and planning had a significantly different impact on happiness for each gender. A strong majority - 65 percent - of men said they have "more money than they expected," as opposed to 55 percent of women. Also, 53 percent of men said they "planned effectively before retirement for their finances" versus 44 percent of the women surveyed. "The study shows us that more men attribute their satisfaction in retirement to having more money than do women, and more men say they planned effectively in the pre-retirement years than do women," Ford said. "We'd like to see an increase in women citing planning as an ingredient for satisfaction in retirement because having a plan will help people achieve a greater sense of stability." Foreign Workers Continue to Move into the US Job Market ST. LOUIS (PRNewswire), May 11, 2008 - As foreign-born workers make up a larger share of the U.S. workforce, more employers will be dealing with language limitations. But a new survey by The Conference Board finds that a majority of employers are doing very little to overcome this challenge. "The future for many U.S. based companies appears flush with potential employees lacking English language skills," says Chris Woock, author of the report. "Whether and how companies choose to accommodate these workers could have significant impacts on the sustainability of success. Latest evidence suggests companies could do well to recruit and hire the best available talent, irrespective of their language limitations, and invest in language training." Foreign-born Americans comprise more than 10 percent of the population, and roughly 15 percent of the labor force, and half of net labor force increases. More than 50 percent of foreign-born workers are from Latin America. One-quarter are from Asia. Assuming current immigration levels continue, immigrants will account for about half of the growth in America's working age population between now and 2015, and will account for most of the growth through 2025. U.S. Census data show that fewer than one in four Mexican-born immigrants speak English well, while only about 40 percent of other Hispanic, Asian, and European (non English-speaking countries) immigrants speak English. With nearly half of all non-English speaking immigrants to the U.S. self-reporting as unable to speak English well, language is proving to be a major barrier to upward mobility. 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