Nearly half of all women fear going broke and becoming homeless, according to a survey released today by Allianz Life Insurance Company of North America.
Even though 54 percent of women describe themselves as the household CFO and 60 percent say they are the primary wage earners, this fear extends to all corners of life and affluence, with over a quarter of women earning in excess of $200,000 a year expressing the same concern, according to Allianz Life. Forty-nine percent of all women surveyed feared becoming indigent.
The fear was highest among single respondents at 56 percent, followed by divorced women, widows, and married women.
The survey revealed that women have significant concerns about their retirement planning and their level of preparedness, with a “lack of adequate retirement savings” as the main issue for 43 percent, according to the survey. "Running out of money in retirement” is the number one worry for single and divorced women.
Seven in 10 women said they have increased their financial involvement since the financial crisis of 2008. Yet, despite having more responsibility for financial decisions, many (43%) don’t feel any smarter about how to manage their money than before the crash.
Despite lingering insecurities, 57 percent said they both “have more earning power than ever before” and also “handle major investment decisions and retirement planning.”
“Today, women clearly feel more invested in financial planning, however, fears of fiscal failure still persist,” says Katie Libbe, Allianz Life vice president of consumer insights. “The real message here is that the financial services industry needs to help women learn about money and prepare for their retirement.”
The 2013 Women, Money & Power Study from Allianz Life surveyed more than 2,200 women between the ages of 25 and 75 with a minimum household income of $30,000 a year.