Women lack confidence in their financial planning skills but are eager to learn more about the topic.
Researchers at Allianz Life Insurance Company of North America, Golden Valley, Minn., a unit of Allianz S.E., Munich, report that finding in a summary of results from a recent survey of 1,400 women ages 25 to 75, with an annual household income above $30,000.
About 44% of the women surveyed said financial information is overwhelming or too hard to sort through, but more than half said they want to learn more about retirement planning and entry-level saving and investing.
About 33% said they are eager to strengthen their financial planning skills, and 55% of the single women without children said they want to learn more about the topic.
About 68% of the single women with children were interested in learning about planning for retirement.
When researchers asked women what resources they turned to for financial information, 46% cited the Internet, while 34% talked to family members and 30% to financial advisors.
But when women rated the effectiveness of various sources of financial information, the Internet dropped to 12th place, behind advisors, family members, friends, seminars, magazines and television, according to the Allianz researchers.
The 5 financial planning topics women said they want to learn about most are:
- Planning for retirement and maintaining lifestyle in retirement – 54%.
- Saving or investing on little income – 53%.
- Buying smart – 46%.
- Selecting the right insurance products – 41%.
- Understanding basic financial terms – 40%.