The 2013 Women, Money, and Power Study from Allianz Life Insurance Company of North America (Allianz) examined how women prefer to learn about finances, the emergence of “Women of InfluenceSM,” and how family dynamics are shifting women’s roles with respect to money and financial planning. Read more Insights from the study:
INSIGHT 3: The modern family has put more demands on women
Today, the majority of households surveyed responded having at least one nontraditional element (i.e., single mother, same-sex couple, parent or adult children in the home), creating new demands and new roles for women in today's modern family.
Among those women currently married, 33% have already been through a divorce. But even more divorced women in our survey – 42% – have never remarried or partnered since. There are actually fewer women today who are married than the combined number of women who are single or divorced.
No matter what their family situation, women feel that the demands of children and families leave them too busy to address financial planning strategies.
Almost a third of women who have chosen to live with a partner without being married are in a same-sex relationship. Among women in same-sex couples, 22% have children under 18 living at home. Overwhelmingly, 80% of these same-sex couples say that their nontraditional family structure creates a whole new level of need for financial awareness.
INSIGHT 4: Women are hungry for knowledge about retirement planning
Across the board, clear majorities of women understand that greater financial knowledge can help create more security in life.
Nearly two-thirds (62%) of women express strong interest in learning more about finances and retirement planning.
Majorities of women say becoming recently divorced or widowed made them realize the importance of being financially aware and independent. The number-one topic that women most want to learn about is how to have their preferred lifestyle in retirement (chosen by 85% of all women). Still, about 12% of all women say they have not yet begun saving for retirement – a lack of action with potentially huge implications for the future.
Read more Study Insights in next week's blog!
Source: Allianz Life Insurance Company
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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