A report released Oct. 17 by Penn Mutual found that while men and women share similar financial goals, women report feeling more overwhelmed and less confident about their financial plans.
Women also continue to lag behind men in having adequate life insurance coverage. According to the report, the median individual coverage amount for women is $96,000, compared with $189,000 for men. Despite this gap in coverage, 69% of women say it is important to protect their families' "well-being and way of life," compared with 60% of men. And yet, 78% of women admit being behind on guaranteeing their family is protected, compared with 69% of men.
Men are far more confident in their retirement plans (28%) than women (17%). Almost half of women believe their standard of living will be lower in retirement, compared with 34% of men. One in five men say they are organized and 22% say they are in control when it comes to their retirement plans, compared with 11% and 15% of women, respectively.
“Despite all the advances women have made in the workplace, it is disheartening to learn that women still feel behind when it comes to planning for retirement or other financial goals—and they’re literally missing out on many important benefits by under-valuing themselves,” Tracy Marrocco, director of women’s marketing for The Penn Mutual Life Insurance Co., said in a press release.
"Women need to not only recognize the value of life insurance, but to take action in purchasing a policy that is right for their needs, so they can take advantage of all of the living benefits that permanent life insurance offers, as well as the death benefits,” Marrocco added.