Are You a Woman of Influence? Allianz Life Study Reveals Profile of More Financially Empowered Woman

  Are You a Woman of Influence? Allianz Life Study Reveals Profile of More
  Financially Empowered Woman

       2013 Women, Money & Power Study Finds One in Five Women Qualify

Business Wire

MINNEAPOLIS -- July 15, 2013

Since the 2008 financial crisis, the way women relate to money has given rise
to a new type of woman: the Woman of Influence. This select group exemplifies
today’s more empowered, informed and active woman with respect to finances,
according to the 2013 Women, Money & Power Study* from Allianz Life Insurance
Company of North America (Allianz Life).

The study found that one in five women fit this 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.  As a
result of this increased level of engagement, the Woman of Influence is more
likely to feel financially secure (79% agreed 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).

“The compelling thing about the Woman of Influence is she doesn’t necessarily
fit the typical Power Woman profile of someone with a six-figure salary and an
MBA,” said Katie Libbe, vice president of Consumer Insights for Allianz Life.
“While some are that, the Woman of Influence can just as easily be a
stay-at-home mom who is fully engaged in household finances and committed to
actively managing her family’s financial future.”

The 2013 study, conducted with more than 2,000 women ages 25-75 with a minimum
household income of $30,000 a year, also found Women of Influence have a much
better idea about their financial future, including their prospects for
retirement. Forty-seven percent of Women of Influence began saving while in
their 20s and they are much more likely to have started saving for retirement
than the average respondent – with only 1% of Women of Influence saying they
have not begun saving versus 12% of all women surveyed.

“It’s inspiring to see a growing number of women fit this empowered profile
and we encourage women to evaluate their own relationship with their finances
to determine where they stand and what steps they need to take to become more
confident with financial and retirement planning,” added Libbe. “It’s
important to remember the Woman of Influence doesn’t have to be career-focused
and high-earning, although the study found that many do have more professional
success.”

As a result of her financial savvy and empowerment, Women of Influence tend to
have more earning power (average of $57k/year versus $48k/year for all women
surveyed), a higher incidence of post-graduate education attained (26% have
completed a graduate degree versus 20% for all women surveyed) and more
success in the workplace (they are 50% more likely to be a business owner and
80% more likely to be at the director or VP level within their company than
the average woman).

Increased Financial Empowerment: CFO of Household

Among the significant findings from the 2013 Women, Money & Power Study is the
new level of financial empowerment for women across all age ranges and
relationship status categories. Fifty-seven percent of women say they have
more earning power than ever before, and six in ten say they are the primary
breadwinner in their household. More than half (54%) of all women also
describe themselves as CFO of their household and 75% say they can’t rely on
their husbands to handle the investing.

While the majority of women today are feeling a high level of financial
empowerment, the profile for the Woman of Influence is even more empowered.
Among Women of Influence:

  *70% say they have more earning power than ever before (versus 57% of all
    women surveyed);
  *73% say they are the primary bread winner (versus 60% of all women
    surveyed);
  *72% identified themselves as the household CFO (versus 54% of all women
    surveyed);
  *43% noted they make more than their spouse/partner (versus 32% of all
    women surveyed).

More Money, More Informed and Confident

The Woman of Influence is also more informed about financial matters and more
confident about retirement. Women of Influence are:

  *More likely to believe that becoming more financially knowledgeable has
    made a real difference in the quality of their life (90% agreed versus 67%
    of all women surveyed);
  *Less likely to feel that poor management of their finances created real
    problems for them (23% agreed versus 30% of all women surveyed);
  *More confident about seeking financial information (46% said they have “no
    problem knowing what to ask or where to go,” versus 35% of all women
    surveyed).

Financially Active and Getting Help

One reason why Women of Influence may have more confidence is due to a higher
level of involvement with financial professionals. More than half of Women of
Influence (52%) say they work with financial professionals (versus 38% of all
women surveyed), and are more likely to view their professional as a “go to”
source for information on how to save, spend and invest (45% agreed versus 31%
of all women surveyed).

This increased engagement with a financial professional has been beneficial
for the Woman of Influence across a variety of topics. Due to their
relationship with a financial professional, Women of Influence are:

  *More likely to feel confident and prepared for their financial future (86%
    agreed versus 77% of all women surveyed);
  *More likely to feel they earn a better return on their money (83% agreed
    versus 75% of all women surveyed);
  *More likely to say they understand financial terminology and issues better
    (80% agreed versus 65% of all women surveyed);
  *More likely to be active in financial planning (85% agreed versus 68% of
    all women surveyed).

Bag Lady Fears Persist

However, despite higher earning power and greater financial engagement, the
Woman of Influence still shares concerns about running out of money in
retirement. Forty-six percent of these women noted they sometimes worry about
losing all of their money and becoming a “bag lady,” only slightly below the
response from all women (49%).

Tips to Become a Woman of Influence

According to Libbe, there are a few specific things that today’s women can do
to put themselves on the path to becoming a Woman of Influence:

  *Set goals: Whether they pertain to spending, saving or educating yourself
    on investing, financial goals are the key to helping you achieve success.
  *Seek independence: Don’t rely on someone else for your long-term financial
    security. Learn about money management, investing and specifically your
    current financial situation.
  *Build an emergency fund and fund your retirement: An emergency fund can
    help ensure your short-term security, your retirement savings is the
    foundation for your later years—both are critical.
  *Embrace risk: By nature, many women are risk averse. However, it takes a
    certain level of risk in investing to realize greater returns. Embrace
    your fears—playing things safe isn’t always smart.
  *Partner up: Women will hire a trainer to get in shape but often shy away
    from seeking out a financial professional to help them get their money
    matters in order. Partner up with a professional to find out what your
    financial situation really is.

Editor’s note: Infographic available upon request.

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.

Contact:

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