The Penn Mutual Life Insurance Company Worth Survey Shows Women Worry More But Plan Less For Long-Term Financial Goals

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Results of a new survey of American adults, released just days before Mother’s Day by The Penn Mutual Life Insurance Company, suggest that women in true caretaker fashion worry about financial matters big and small but tend to act more on the immediate concerns of family and household.

Penn Mutual Worth Survey-Table 1 Financial Goals

Results of a new survey of American adults, released just days before Mother’s Day by The Penn Mutual Life Insurance Company, suggest that women in true caretaker fashion worry about financial matters big and small but tend to act more on the immediate concerns of family and household.

According to Penn Mutual’s fourth annual Worth survey, women see the big picture but still pay more attention to the day-to-day financial needs. Women surveyed cited retirement (42%), expenses (41%) and healthcare costs (30%) as their top financial concerns, whereas, men listed expenses (38%) and the economy (35%) and retirement (30%) as their biggest worries. While they worry about these significant savings and investing challenges, fewer women than men have a financial plan (50% vs. 61%) and are less actively involved in retirement plan goal-setting, savings and investing.

Among financial goals, both women and men say living within their means is most important (89% and 82% respectively) as are saving for emergencies and their future, yet more women feel they are behind on these goals as compared to men. Women say they feel most behind on saving or paying for their children’s or grandchildren’s college education. See Table 1 below for a complete list of fiscal goals that women claim are eluding them.

(Table 1) Penn Mutual Worth Survey Finding: Women are more likely to say they’re lagging (haven’t started or behind) on those financial goals they regard as Extremely/Very important

“We’re troubled by the survey findings that indicate women are worried about financial challenges of nearly every kind but seem only to make progress against lesser concerns,” said Deborah Poley, Worth Marketing Manager for Penn Mutual. “We have to help women get a better handle on all of their financial concerns and give them the resources and the knowledge to address such short-term goals as household budgeting, as well as long-term planning issues like retirement and saving for their children’s education.”

The annual tracking study was conducted by Penn Mutual from March 27 to April 10, 2012, and encompassed interviews with a national sample of women and men ages 25 and older, resulting in a respondent base of individuals ages 25 to 90. The sample included women and men, those with and without life insurance, and both married and single parents. Individuals ages 30 and over had a household income of $50,000 or higher; those younger than age 30 had an income of $25,000 or higher.

The annual survey is a key component of Penn Mutual’s Worth initiative, which offers educational resources and tools that advocate women take charge of their financial futures and consider the entirety of their value to home and family. Worth aims to advance and expand Penn Mutual’s commitment to the financial literacy of women. Mother’s Day is the perfect opportunity to remind women, who are the mainstay of the American family, to protect their full worth and plan for retirement. For more information about Worth, go to
http://www.WorthForWomen.com.

About The Penn Mutual Life Insurance Company
Since 1847, Penn Mutual has been driven by our noble purpose to create a world of possibilities. At the heart of this purpose is the belief that life insurance is the most protective, responsible and rewarding action a person can take, and is central to a sound financial plan. The company is committed to helping families unlock life’s possibilities through life insurance and annuity solutions. This is accomplished through a national network of financial professionals, who help clients make great things possible. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., Registered Investment Advisor and wholly owned subsidiary. Member FINRA/SIPC. Visit Penn Mutual on the Internet at http://www.pennmutual.com/ . Access the Worth Calculator on the Worth for Women website: http://www.WorthForWomen.com.
A2RB-0510-01E2    

2012 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044

CONTACT:
Adrienne Kowalski        
Karma                    
(215) 790-7839            
adrienne(at)karmaverse(dot)com

Keith Bratz
Penn Mutual
(215) 956-7907        
bratz.keith(at)pennmutual(dot)com

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