Despite the fact that more women have significantly boosted their financial savvy and become “women of influence” since the financial crisis, they still worry at similar rates to other women that they’ll run out of money in retirement and become bag ladies, according to a just-released survey by Allianz Life.
The 2013 Women, Money & Power Study, conducted with more than 2,000 women ages 25 to 75 with a minimum household income of $30,000 a year, found that one in five women polled fit the woman of influence profile based on a number of criteria, including activity in major investment decisions, good understanding of financial products and interest in learning about financial matters.
But despite higher earning power and greater financial engagement, the woman of influence still shares concerns about running out of money in retirement, with 46% of these women noting that they sometimes worry about losing all of their money and becoming a “bag lady” — only slightly below the response from all women (49%).
But the other news for these women is much better. The survey found that the woman of influence is more likely to feel financially secure — 79% said they did, versus 62% of all women surveyed — and more likely to feel confident in her ability to spend, save and invest wisely than the average woman — 87% agreed versus 69% of all women surveyed.
Their increased financial savvy has also made more women dub themselves the CFO of their household. The survey found that 57% of the women polled say they have more earning power than ever before, and six in 10 say they are the primary breadwinner in their household.
More than half (54%) of all women polled described themselves as CFO of their household, with 75% of them saying that they can’t rely on their husbands to handle the investing.