A recent study was done by a major life insurance carrier who surveyed more than 2,000 women about their views on retirement, investments and financial goals. From the results, the study identified changes in family structure and economics as motivating factors for women to seek out financial guidance.
The study found that refraining from marriage, getting divorced and experiencing the loss of a spouse are among the most typical life events that increase awareness for meeting future financial goals. The survey results concluded:
- 65 percent of single women without children worried about long term care and how they will provide for themselves as they age.
- 50 percent of divorced women felt particularly overwhelmed about financial decisions with 48 percent admitting their divorce created financial challenges.
- 92 percent of single mothers agreed that their situation has increased their need for financial solutions.
- 84 percent of widows reported that losing their spouse reminded them of the importance of being financially independent.
In addition to marital status, the increasing upward mobility in today’s workplace has also triggered women to become more hands-on with their financial goals.
Respondents to the study that were distinguished by their higher incomes (an average of $57,000) reported more confidence in investing money. Additionally, they also tended to start their retirement savings early with 47 percent beginning their saving while in their 20s.
Regardless of income, the financial downturn of 2008 also influenced 68 percent of women respondents to become more active in their financial strategies.
While life’s twists and turns play an important role in deciding to seek out retirement solutions, the study also pointed out that nearly two-thirds of all women still expressed a strong desire to learn more about finances and retirement strategies.
Way to go, women! Especially those in their 20’s who start saving in a tax free environment where their growth is safe from market downturns. Contact us today to learn more 951-878-9010 or fill in the contact form on this site to learn more.