8/1/13
Nearly half of women ages 25-75 with a minimum annual household income of $30,000 (49%) fear becoming a “bag lady,” according to Allianz Life Insurance Co. of North America. Single (56%) and divorced (54%) women are more likely to fear this status than widows (47%) and married women (43%). More than one in four women earning more than $200,000 a year (27%) fear becoming a “bag lady.” Likewise, running out of money in retirement is the number one worry for single and divorced women.
More than four in 10 women (42%) believe financially independent women are intimidating to men and often end up alone. Nearly one in three (31%)-and 47% of single women-say financially independent women are hard to relate to and often don’t have many friends.
A majority of the women surveyed (60%) say they are the primary breadwinner in their household, and 54% describe themselves as the household chief financial officer. As such, 57% say they have more earning power now than ever before and handle major investment decisions and retirement planning. Most women are responsible for suggesting new investing or retirement ideas (55%) and handling tax preparation and planning (60%).
Nine in 10 women (90%) and 96% of divorced women feel women need to be more involved in financial planning. The recession prodded many women to increase their financial expertise. Almost seven in 10 (68%) say they have increased their financial involvement since the financial crisis of 2008-2009, particularly women ages 45-54 (72%) and widows (75%).
Two-thirds (67%) of those who do handle their family finances say doing so has improved their quality of life.
SOURCE: Allianz Life Insurance Company of North America, Sara Thurin Rollin, 5701 Golden Hills Dr., Minneapolis, MN 55416; 763-765-6703; sarathurin.rollin@allianzlife.com; www.allianzlife.com.
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