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Retirement Planning > Saving for Retirement

Penn Mutual: For Women, Independence Depends on Finances

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Women who describe themselves as being independent also describe themselves as being well on their way toward meeting their financial goals.

The Penn Mutual Life Insurance Company, Horsham, Pa., talks about that correlation in a summary of results from a March survey of U.S. women ages 25 to 64.

Penn Mutual found that 71% of the participating women said they are independent.

When Penn Mutual looked at the answers from women who said they are independent, it found that percentage who said they are on track was 33% for paying off debt, 26% for building savings, and 26% for guaranteeing that they will maintain or improve their lifestyle in retirement.

For the women who said they are not independent, the percentage who said they are on track was just 19% for paying off debt, 18% for building savings, and 17% for preparing for retirement.

But 53% of the independent women said they are behind on paying off debt, and 61% said they are behind on building savings. About 13% of the women who said they are independent have not begun saving.



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