Why do a majority of women (62%) not have a financial planning professional?

Read more Insights and the latest findings from the 2013 Women, Money, and Power Study from Allianz Life Insurance Company of North America (Allianz):

INSIGHT 5: “Bag lady” fears persist among even the most successful women

One of the most stunning outcomes of this survey was the discovery of an irrational fear that extends to women across all corners of life and affluence.

Almost half of all women who responded say they “often” or “sometimes” fear losing all their money and becoming homeless.

And this is not just found in lower income levels. A third of the highest-income earners ($200,000+) say they worry about becoming a bag lady. Even 46% of Women of InfluenceSM, who generally are less worried about their retirement savings, can’t shake this fear.

In fact, after the fear of losing a spouse, the thought of running out of money in retirement is what 57% of women say keeps them up at night.  

 

INSIGHT 6: Women are being underserved by the financial industry

Women continue to believe that the financial industry, as a whole, is oriented more toward serving men. A majority of women – 62% – still do not have a financial professional. And a vast majority find most financial information hard to understand and dull.

Financial professionals need to understand that women generally place a high value on interpersonal skills and feeling personally cared about. They are put off by a lack of responsiveness and the sense that they’re simply getting cookie-cutter solutions.

Women who responded to the survey tend to prefer a more social way of learning about financial information. This includes learning in a group with others of similar life experience (divorce, widowed, same-sex relationship, etc.).

There’s still much work to do in assuring women that being financially capable can have a hugely positive impact on their confidence, long-term security, and enjoyment of life.

It’s also worth noting that, while women generally want to become more involved in their financial planning, the need for the high-touch, full-service approach still exists: One in five women who responded openly admit that they “just want someone else to do this for them.”

Contact Susan Blumhorst for guidance on how to plan a secure and fulfilling retirement. Reach her at 210-745-5804 or seniorpath@gmail.com

Source: Allianz Life Insurance Company

About the Author Susan Blumhorst

Susan Blumhorst is an Insurance Professional with her Masters in Counseling and is the Managing Member of Senior Path Specialists. .. Read More About Susan Here

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