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Today’s Modern Family Creating More Pressure for Women to Seek Financial Independence

  Today’s Modern Family Creating More Pressure for Women to Seek Financial
  Independence

 2013 Allianz Life Women, Money & Power Study finds Single Moms and Same Sex
                   Couples Feel Greatest Financial Pressure

Business Wire

MINNEAPOLIS -- May 07, 2013

Because the so-called traditional family of mom/dad/kids is no longer a
reflection of today’s modern family, women today say they face more pressure
to attain financial independence, according to the 2013 Women, Money & Power
Study* from Allianz Life Insurance Company of North America (Allianz Life).
Sixty-seven percent of women in today’s modern family – including single moms,
divorced, widowed, and same sex couples – say that their family situation
creates a “whole new level of need to be financially aware and independent.”
Similarly, 59% of respondents believe their unique family structure has made
them become “more active and involved in financial planning.”

The 2013 study, conducted with more than 2,000 women ages 25-75 with a minimum
household income of $30,000 a year, found that married women are now the
minority group in terms of current relationship status at 39%  of respondents.
The majority of respondents (82%) identified themselves as women who are
currently or have been divorced (32%), are currently single (24%), are
currently partnered/not married (17%)  and are currently or have been widowed
(9%).

“New social structures are increasingly placing women in roles where they need
to take control of not only their own financial security, but also that of
their family,” said Katie Libbe, vice president of Consumer Insights for
Allianz Life. “We found women that are part of the new modern family are
feeling a great deal of pressure to be more engaged with financial planning,
so our industry needs to step up and help them feel more confident about their
financial future.”

Currently, only 38% of women in the survey noted they work with a financial
professional. Among members of the modern family, widowed women were the
highest percentage working with financial professionals at 51%, followed by
divorced women at 42%, women in same-sex relationships at 42%  and single moms
at only 33%.

Single Moms and Same-Sex Couples Feel Greatest Pressure

Single parenthood seems to have the strongest effect on women’s financial
outlook among members of the modern family. The burden of kids for never
married single moms is massive, with 92% saying their family situation
“creates a whole new level of need to be financially aware and independent.”
Although 77% said that being a single mom has made them become “more active
and involved in financial planning,” about one half (52%) said they believe
that between raising kids and caring for families, “women feel too busy to
handle financial planning.” This is significant as 29% of single, un-partnered
women have children under 18 years old at home and 74% of these women are
working full-time, outside the home.

Another group that demonstrated a keen understanding of how their unique
family situation is impacting their need for financial awareness and planning
was same-sex couples. More than three quarters of same-sex couple respondents
(80%)  said that being in a same-sex relationship “creates a whole new level
of need to be financially aware and independent” with only 19% of them
believing their situation allows them to “put off any serious thinking about
financial planning,” the lowest response among relationship status categories.

Same-sex couples also appear to have healthier relationships when it comes to
money. When asked if they have a secret stash of money their partner/spouse
doesn’t know about, only 8%  of same-sex respondents agreed, half the amount
that responded affirmatively for married (16%) and partnered (19%)
respondents.

Divorce and Widowhood Spur Financial Crisis

The study found that divorce remains a major factor in how women view money.
Nearly half (48%) of divorced respondents said that divorce plunged them into
a financial crisis. In addition, two thirds (64%) noted that divorce made them
realize how important it is to always be financially aware and independent and
45% said their divorce was a real wake-up call for them financially.

Widowhood tells an even stronger version of the same story, with a full 50% of
widowed respondents saying that becoming a widow created a financial crisis
for them. More than eight in ten (84%) noted becoming a widow made them
realize how important it is to always be financially aware and independent and
61% said losing their husband was a real wake-up call for them financially.

Today’s Modern Family Looks Different

The 2013 Women, Money & Power Study found the majority of women have at least
one “non-traditional” element representing their family. Some characteristics
of the modern family picture include:

  *About 17% of all women have chosen to live with their partners
    (non-married);
  *Twenty-seven percent of currently married women have been divorced;
  *Of the partnered (non-married) women, 33 percent  are in a same-sex
    couple;
  *One in five women with children (21%) have adult kids (18+) living at
    home, with that percentage rising to over a third (36%) among widows;
  *Forty-two percent  of women who have been divorced at some point, never
    remarried or partnered.

About Allianz Life

Allianz Life Insurance Company of North America, one of FORTUNE’s 100 Best
Companies to Work For in 2013, has been keeping its promises since 1896.
Today, it carries on that tradition, helping Americans achieve their
retirement income and protection goals with a variety of annuities and life
insurance products. As a leading provider of fixed index annuities, Allianz
Life is part of Allianz SE, a global leader in the financial services industry
with 142,000 employees worldwide. More than 78 million private and corporate
customers rely on Allianz knowledge, global reach, and capital strength to
help them make the most of financial opportunities.

*The 2013 Allianz Life Women, Money & Power Study was conducted by Larson
Research + Strategy in December 2012 with more than 2,000 women, ages 25-75,
with household income of $30,000/year or higher. The results presented
represent the percentage of the women who responded to each respective
question or set of questions.

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Contact:

Allianz Life Insurance Company of North America
Sara Thurin Rollin, 763-765-6703
Sarathurin.rollin@allianzlife.com