Filed Under:Life Insurance, Life Planning Strategies

Majority of women don’t have an advisor

Ninety-two percent of single mothers say their family structure has increased the need for financial awareness.
Ninety-two percent of single mothers say their family structure has increased the need for financial awareness.

More than half of all women are the “chief financial officer” of their households and 57 percent say they have more earning power, according to a new report.

Allianz Life Insurance Company of North America unveiled this finding in its “2013 Women, Money & Power Study.” More than 2,000 women ages 25-75 with a minimum annual household income of $30,000 participated in the survey.

While noting that women are becoming more financially confident, the study also finds that many women have not achieved financial security.

“Today’s women told us they have more responsibility for major financial decisions than ever before and increased interest in financial planning,” said Allianz Life Vice President of Consumer Insights Katie Libbe. “Yet, although women are more confident about managing their finances, irrational fears about losing it all and becoming a bag lady remain — evidence that they are still underserved by the financial industry.”

A majority of the women surveyed say they primarily handle investment decisions, research retirement ideas, handle tax preparation and teach their children about money. The financial crisis of 2007-2009 helped drive this trend, with 68 percent saying they have increased their financial involvement since the crisis.

One in five of the survey respondents fits the profile of women who are actively involved in major investment decisions, understand financial products well and are interested in learning more about financial matters.

Among the report’s additional findings:

  • 17 percent of “women of influence” admit to keeping a secret stash of money their spouse or partner doesn’t know about;
  • Nearly half of all women (49 percent) still fear becoming a “bag lady.” The fear is strongest among single (56 percent) and divorced women (54  percent), but is at almost the same level among Women of Influence (46 percent);
  • 92 percent of single mothers say their family structure has increased the need for financial awareness;
  • 62 percent of women don’t have a financial professional, and among those that do, 69 percent do not view their financial professional as a go-to source of information on how to spend, save and invest.
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