Women spanning all generations have placed a new found importance on self reliance with nearly eight in ten women saying the desire to give more to the next generation is prevalent in their lives. They also are placing more importance on not depending on other members of their family to help them reach this goal.
The study, sponsored by MetLife and conducted by the MetLife Mature Market Institute is titled, Women’s Views on Family Financial Obligations: A MetLife Survey of Intergenerational Findings of Baby Boomers and Generations X and Y.
There were discrepancies within the generations however. Boomers and Gen Xers both feel they should save and leave an inheritance while GenYers are more inclined to spend their money on enjoying retirement while giving small gifts to their family members while still alive.
“What’s apparent from this study is that having a plan for independence is important for family financial security, especially for women as they age; many clearly don’t want to rely on their families,” said Sandra Timmerman, Ed.D., director of the MetLife Mature Market Institute.