Women make more financial planning and savings decisions than ever before, with some 90 percent of women aged 25-75 in a recent Allianz survey saying they need to be more involved in financial matters than in the past.
Nearly two-thirds of the women surveyed said they want to learn more about investing, financial planning and retirement planning, up from about one-third in the original Allianz survey in 2006.
In spite of this, women are not necessarily looking to financial professionals for help. Only 38 percent of the women surveyed said they have used a financial professional.
“The Allianz survey shows that women are an under-served market,” said Rob Smith, president of the National Association of Insurance and Financial Advisors. “The products and services NAIFA members provide help guarantee the financial security of 75 million American families, and now more than ever women are making long-term financial decisions on behalf of their families. It is crucial for insurance and financial advisors to develop messages and communication styles that appeal to women.”
The Allianz survey shows that women who do work with financial professionals find value in the guidance they receive. Seventy-seven percent of this group said they feel confident and prepared financially for the future, while 75 percent have recommended a financial professional to other women.
The women surveyed by Allianz were more interested in saving for retirement or ensuring a guaranteed income for life than in receiving stock market advice.
“NAIFA members pride themselves on providing high-quality services and products to the middle-market,” Smith continued. “We help people reach long-term financial goals, such as ensuring their comfortable retirements or the financial well-being of their families. It’s really not surprising that as women are more involved in financial and retirement planning these are the goals they find most important.”