Financial Worry Greater for Boomer Women Than Men

Further survey findings include:

• More women than men said they were concerned about not being able to afford to stay in their current home for the rest of their life (64% versus 56%);
• Fifty-three percent of women said they were unsure about being able to leave money to children or other heirs; less than half of men (44%) shared this concern;
• More than half (57%) of women said they were worried they will have to rely on children or other family members for financial assistance, versus 42% of men;
• Fifty-three percent of women expressed concern about having to move in with relatives or have relatives move in with them, whereas 38% of men said they felt the same;
• Eighty-one percent of women said they were somewhat or very concerned about having enough money to pay for adequate health care compared with 77% of men;
• Regarding having enough money for a long stay in a nursing home or long period of home nursing care, 84% of women versus 78% of men said they were concerned; 
• In rating their own family’s financial well-being today, 57% of women said it was fair or poor, compared with 52% of men; and
• Sixty-percent of women said their personal financial situation a year from now will stay the same or become worse versus 59% of men.

The survey is based on interviews with nearly 4,000 Boomers ages 50 to 64 during October 2010 as part of an AARP Public Policy Institute study about the recent recession’s impact on older workers.

For the full fact sheet, click here.

Kristen Heinzinger
editors@plansponsor.com