Study: Baby Boomer Women Need to Focus on Finances.Female baby boomers See generation X. care about social, health, economic and political issues, and they work to keep their loved ones loved ones npl → seres mpl queridos loved ones npl → proches mpl et amis chers loved ones love npl safe. But they are not nearly as active in securing their financial futures financial futures Obligations to buy or sell particular positions in financial instruments. The features of financial futures are identical to those of any futures contract except that the asset for delivery is of a financial nature. , according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a recent survey by Prudential Prudential is the name of two different companies and buildings named after them: Companies:
Only 46% of women surveyed earlier this year said they have a will, trust or estate plan in place, and only 5% own long-term-care insurance. And while 95% agreed to the importance of having financial knowledge, only 61% felt "very" or "somewhat" knowledgeable about the cost of long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. or institutional care, and only 50% knew about the cost of long-term-care insurance. Similarly, 97% acknowledged the importance of financial security at retirement, but only 31% said they understand individual retirement accounts and 401(k) plans, with another four in 10 saying they somewhat understand them. Only 14% said they had a detailed, formal plan to pass money on to their children. "With so many aging American women, the lack of preparedness pre·par·ed·ness n. The state of being prepared, especially military readiness for combat. Noun 1. preparedness - the state of having been made ready or prepared for use or action (especially military action); "putting them for those later years poses a potential crisis," said Veronica West, president of Financial Women International, an association of nearly 6,000 professionals working in all financial-services sectors. "That's why it's critical we educate women about the dangers of not planning in advance, whether it be investing for short-term goals or retirement funding." Prudential's study was based on interviews last fall with 400 U.s. women born between 1946 and 1963. Nearly half had household income of less than $50,000, and one-third had $50,000 to $100,000. Nearly 64% had investable assets of less than $100,000, and 25% had more than that amount. Protecting Their Family U.S. women born during the "baby boom" years tend to be focused on safety issues, while neglecting their personal financial planning needs. Smoke Detector 97% Car Seat Belt 95% Car Air Bags 72% Wills, Trusts, Estate Plans 46% Long-Term-Care Insurance 5% Source: Prudential Insurance Company of America Note: Table made from bar graph |
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