Women are making big strides in financial independence and knowledge, though a survey released today suggests that they are hungry for more. MainStreet is here to help, with results from the survey and some tips on how women can become even more money-savvy.
Over half of the women in the "Women, Money and Power" study, performed by Allianz Life Insurance Company of North America, said they would like to both learn more about retirement (54%) and investing (53%). Single women with children were especially interested (68%) in learning more about saving for retirement.
Allianz surveyed almost 1,500 women, as well as 21 focus groups, of women ages 25 to 75 who earn over $30,000 a year.
One area of concern: the survey found that almost half of women (44%) found financial planning information “overwhelming.”Part of the problem might be the information itself. Many Web sites about personal finance do not necessarily have women in mind, says Tiffany Bass Bukow, founder of MsMoney.com (www.msmoney.com), a financial planning site for women.
"You can create the best personal finance site out there for women, but it doesn’t necessarily mean it’s going to change their core belief, that this study also supports, that ‘financial planning is too difficult and overwhelming for me,’” she says. “It’s very difficult to get women to take that first step."
But Eve Kaplan, a financial planner in New Jersey said lack of understanding of financial information isn’t necessarily a problem if a woman has the guidance of a good financial planner.
And though some may feel overwhelmed, women are continuing to make strides. Penelope Trunk, blogger for Brazen Careerist, believes the Allianz study lacks broader context, because she sees women as doing better than ever career-wise.