Allianz Life Issues Official Women, Money & Power Study Insights; Finds Today’s Women are Empowered and Underserved

  Allianz Life Issues Official Women, Money & Power Study Insights; Finds
  Today’s Women are Empowered and Underserved

     Landmark 2013 Study Offers Valuable Insights about Women’s Financial
 Confidence and Strategies for Financial Professionals to help make Stronger
                              Client Connections

Business Wire

MINNEAPOLIS -- February 3, 2014

Allianz Life Insurance Company of North America (Allianz Life) today announced
the availability of a comprehensive report on its landmark 2013 Women, Money &
Power Study. The findings from this study have generated an enormous response
in the media and influenced the discussion of financial planning among both
financial professionals and consumers. Conducted with more than 2,000 women
ages 25-75 with a minimum household income of $30,000 a year, the study found
that while women are becoming more financially confident, they still have
major gaps when it comes to achieving financial security. In addition, the
study revealed the financial industry still has yet to adequately understand
women’s needs and preferences for learning about financial planning topics.

“Today’s women told us they have more responsibility for major financial
decisions than ever before and increased interest in financial planning,” said
Allianz Life Vice President of Consumer Insights Katie Libbe. “Yet, although
women are more confident about managing their finances, irrational fears about
losing it all and becoming a bag lady remain – evidence that they are still
underserved by the financial industry. Some women even said they keep a
‘secret stash’ of money that their spouse or partner does not know about,
which reflects these women’s need to protect themselves financially.”

Empowered: Increased Financial Engagement, Rise of the “Woman of Influence”

American women are clearly more financially confident than ever before. Over
half of all women surveyed said they are the chief financial officer of their
households and 57% say they have more earning power. In addition, a majority
say they primarily handle investment decisions, research retirement ideas,
handle tax preparation and teach their children about money. The financial
crisis helped drive this trend, with nearly seven in ten (68%) saying they
have increased their financial involvement since the crisis.

The rise of the “Woman of Influence” best reflects this trend of growing
financial empowerment. One in five fits the profile of women who are actively
involved in major investment decisions, understand financial products well and
are interested in learning more about financial matters. As a result, they
tend to earn more and feel more financially secure. However, the Woman of
Influence is not the traditional power woman with a high salary and extensive
education. “They can be, but are just as likely to be a stay-at-home mom who
manages the family’s financial future,” explains Libbe. Emphasizing this need
to be in financial control, a full 17% of these Women of Influence also
admitted to keeping a secret stash of money their spouse or partner doesn’t
know about.

Bag Lady Syndrome Remains, Challenges of the Modern Family

Women may be feeling more sure-footed financially, but the study found that
nearly half of all women (49%) still fear becoming a “bag lady.” The fear is
strongest among single (56%) and divorced women (54%), but is at almost the
same level among Women of Influence (46%). The pervasiveness of this worry may
point to a deep-set financial insecurity that seems to be particular to women.
In fact, the thought of running out of money in retirement is what nearly six
in ten women (57%) say keeps them up at night. In addition, the lack of
adequate retirement savings was identified as the number-one issue affecting
women’s outlook on retirement.

These pressures are also affecting women that are part of today’s modern
family – including blended families, same-sex couples, single mothers and
multiple generations under one roof – often leaving them too busy to address
financial planning strategies. For example, fully 80% of same-sex couples say
that their nontraditional family structure creates a whole new level of need
for financial awareness. This view is shared by 92% of single mothers, who
agree that their situation has increased their need for more financial
awareness.

Underserved – Desire for a New Way of Learning

Despite their growing economic power and influence, today’s women still feel
underserved by the financial industry. Many believe financial information and
materials are geared only toward the wealthy and approximately one in five say
their belief that “financial planning is for people that have more money than
me” is a major barrier to getting more involved. Sixty-two percent of women
still don’t have a financial professional, and among those that do, nearly
seven in ten (69%) do not view their financial professional as a go-to source
of information on how to spend, save and invest.

Today’s women are looking for a different way to learn about financial topics,
and the industry must respond with more attention to service-related issues
and more engaging material. “Women prefer a social way of learning and working
with a trusted financial professional who understands their unique perspective
on financial topics. Allianz Life is committed to helping financial
professionals bridge this gap,” noted Libbe.

For more insights from the 2013 Allianz Life Women, Money & Power Study,
download a copy of the full 10-page white paper at
http://www.allianzlife.com/wmp.

About Allianz Life

Allianz Life Insurance Company of North America, one of FORTUNE’s 100 Best
Companies to Work For in 2014, 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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