Survey Uncovers Financial Insecurity for 2 Out of 3 Women

According to a new study by Aviva Life Insurance, most Americans are uncertain of their current financial situation. They lack a basic understanding of financial products, don’t feel prepared for retirement, and do not know how to discuss finances.

More specifically, the survey revealed that two out of three women are uncomfortable with their current financial situation, even more so than men.   The survey discovered that while most Americans report some feelings of stress about their current financial situation, women are far more concerned than their male counterparts. And maybe they should be. Other studies have shown that while 80-percent of all men die married, 80-percent of all women die single and more than 75-percent of all women living in poverty today, most women were not poor prior to the death of their spouse.

This survey is consistent with the 2012 Retirement Confidence Survey (see “). Only 14-percent of families are confident that they will have enough money to live comfortably in retirement, partially due to lack of planning. The following trends are definitely cause for concern:

• Even with some planning, many individuals still do not feel confident with their future. This is particularly true for those that chose to do their planning without the assistance of a retirement specialist.
• Only one in three respondents feels that they are on the track for a successful retirement.
• 43-percent of life insurance owners believe that do not own enough insurance to be beneficial.
• Those who do not have life insurance are 45-percent more likely to feel uncertain of their financial future than those who do own life insurance.

Despite the pessimistic nature of these findings, there were one in five respondents who worked with a financial services professional and were discovered to be 130-percent more confident with their financial situation than those who did not. According to the 2012 Retirement Confidence Survey, more than half (56-percent) of all workers report that they have not tried to calculate how much money they will need to have saved by the time they retire in order to spend confidently.

What is the lesson learned? Simply this: As you transition into retirement, it is more and more important that you consult a financial professional. Those who decide to plan for retirement by themselves seem to run into multiple problems, which could be avoided by planning with an expert. Planning for retirement is not a dress-rehearsal. You only get one chance to succeed; therefore you should enlist in the help of a financial professional.

If you have any questions about getting on the right track to retirement, or would like a complementary “3 Step Review”, which includes a complete life insurance analysis and consultation of your own retirement plan, call Secured Retirement Advisors at 952-460-3260.