August 22, 2006

Allianz study: 90% of women feel financially insecure

By Steve LeBeau

Allianz Life Insurance of North America on Tuesday released the results of a new study of consumer behavior and attitudes: Women, Money and Power. The study found that despite gains in education and earnings in recent years, 90 percent of women feel somewhat or not at all financially secure.

Allianz said it conducted the survey of 1,925 women and 1,258 men so that financial advisers could better understand their clients.

Researchers categorized women's attitudes toward money and investing by using fictional characters as reference points:

·         Goldilocks: 35 percent of women say they are competent and knowledgeable about household finances, and they thoroughly research their investment options.

·         Belles (as in Beauty and the Beast): 23 percent prefer to handle finances with their partners in an environment of open communication.

·         Wonder Women: 18 percent feel empowered and capable of handling all money issues; this group is the most likely to deal with a financial adviser.

·         Alices in Wonderland: 17 percent of women avoid fiscal responsibility because they are confused by all the choices.

·         Cinderallas: 8 percent of women hope some Prince Charming will come along to handle the finances.

The study also found that women approach financial decisions differently from men. Women feel they are overburdened with responsibilities and worries, whereas men are more analytical and open to risks. Women prefer to work with female financial advisers, yet 80 percent of advisers are men.

The Allianz survey was conducted by AgeWage, a San Francisco-based market research company, and Harris Interactive Inc., a polling company based in Rochester, N.Y.