Penn Mutual’s second annual Worth(R) Survey for Women shows women tend to feel less confident and more stressed out than men when dealing with financial and retirement planning. And despite their advances and success in the workplace, women still undervalue themselves and their contributions to the home and family. The low sense of self-worth correlates with a $93,000 difference in life insurance coverage between women and men.
Sixty-nine percent of women surveyed say it is important to protect their families’ well-being and way of life, compared to 60 percent of men. However, 78 percent of women women say they lack protection for their family in the event that something should happen to them, versus 69 percent of men.
Seventy-nine percent of women and 70 percent of men say a steady stream of income during retirement is important, while just 39 percent of women and 50 percent of men report being aware life insurance was an option.
Seventy-percent women and 64 percent men think it is important to have access to quick cash in the event they need it while only 41 percent of women and 49 percent of men were aware permanent cash-value life insurance could provide it.
Regarding their retirement, 17 percent of women versus 28 percent of men report feeling confident, 11 percent of women versus 19 percent of men feel they were organized, and 15 percent of women versus 22 percent of men feel they were in control.
Women are 8 percent more likely to feel overwhelmed than men and 10 percent more likely to believe their standard of living during retirement will be lower than today.
Source: Penn Mutual Life Insurance Company