Penn Mutual: More Women than Men Lag in Pursuit of Key Financial Goals

Women are more likely than men to say they lag in pursuing key financial goals, according to a new report.

Penn Mutual Life Insurance Co., Horsham, Pa., published this finding in a summary of results from its fourth annual Worth survey of women and men between the ages 25 and 90.  The sample included women and men, those with and without life insurance, and both married and single parents.

Individuals ages 30 and over had a household income of $50,000 or higher; those younger than age 30 had an income of $25,000 or higher.

When asked about 13 financial goals they regard as “extremely important” or “very important,” more women than men say they’re behind in saving for kids’ or grandkids’ college education (53% women versus 39% men), obtaining protection to fund in-home care or nursing home care were they unable to care for themselves (48% versus 35%), having access to money to fulfill a personal goal (41% versus 32% and maintaining their lifestyle if they become disabled and are unable to work (40% versus 30%).