Photo credit: <a href="http://www.freedigitalphotos.net/images/view_photog.php?photogid=2664">Stuart Miles</a>

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%).

Similarly, the survey notes, more women than men say they lag in planning for a tax-efficient transfer of assets when they die (39% versus 34%), leaving a legacy for future generations (39% versus 30%), insuring they don’t outlive their income or savings (38% versus 29%) and providing a source of income to help take care of family/loved ones if they were to suddenly die (33% versus 24%).

The women surveyed cited retirement (42%), expenses (41%) and healthcare costs (30%) as their top financial concerns, whereas, men listed expenses (38%) and the economy (35%) and retirement (30%) as their biggest worries.  While they worry about these significant savings and investing challenges, fewer women than men have a financial plan (50% vs. 61%) and are less actively involved in retirement plan goal-setting, savings and investing. 

Among financial goals, both women and men say that living within their means is most important (89% and 82%, respectively) as are saving for emergencies and their future.