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August 22, 2006 at 10:02 AM
In spite of recent economic gains, women feel financially anxious and not ready to handle their wealth, according to the new study by Allianz Life Insurance Company of North America.
Census Bureau data suggest women will control 60% of the wealth in the United States by 2010, yet 90% of U.S. women say they are somewhat or not at all financially secure. Nearly half worry about becoming a bag lady, according to the new Allianz “Women, Money and Power Study.”
Lack of knowledge is the biggest barrier to women getting more involved in managing household finances-4 times as much as lack of time.
Women who work with a financial advisor feel more responsible, confident and optimistic than those who don’t and are more likely to have financial clarity, security and satisfaction, the study of 1,900 women and 1,300 men by Harris Interactive found.
The study identified 5 distinct personalities reflecting women’s attitudes towards money and investing.
“Cinderellas:” 8% of women hope a man will come along to make everything O.K. and think they don’t know enough to make smart financial decisions.
“Alices in Wonderlands:” 17% are confused by all the financial choices facing them and avoid financial responsibility.
“Wonder Women:” 18% feel capable of handling whatever comes their way and confident and knowledgeable about money and investing. These women are most likely to work with a financial advisor.
