Financial Wellbeing a Necessity for Balanced Life

July 27, 2011 (PLANSPONSOR.com) - A Genworth survey has found that more women than men feel financial wellbeing is important to maintaining a balanced life.

However, 54% of men focus on planning for their financial health at least once a week, compared to only 42% of women.  

According to the survey, older respondents, 55 and over, were more likely to view financial wellbeing as a necessity for a balanced life, with more than 77% saying it is needed for a balanced life. Those between 18-24 are more likely (58%) to take time to focus on planning for their financial health at least once a week compared to those 35-44 (39%), 45-54 (47%), 55-64 (48%) and over 65 (39%).  

Over 66% of respondents ages 18-54 say that worries over their personal financial situation have an impact on their health, while less than 52% of respondents ages 55 and above agree.  

According to a press release, financial wellbeing is equally important to all income groups, with more than 60% of respondents across income levels below $75,000 identifying financial wellbeing as needed for a balanced life. Over 70% of individuals making over $50,000 say they feel good about their ability to manage the balance of physical and financial stress, while 61% or less of individuals below $50,000 in household income agree.  

Households making less than $25,000 are most likely to feel like they need help but don’t know where to get it (21% of respondents); 15% or less of all other income groups feel the same way.  

Respondents in larger households say that worries over their personal financial situation have an impact on their health. This compares to smaller households, which are more likely to feel good about their ability to manage and balance physical and financial stress.  

Two-thirds of respondents with households that have three or more members say worries over their personal financial situation has an impact on their health, while less than 58% of respondents with one or two household members agree.  

The supporting data for this study was collected online among a demographically representative U.S. sample of 1,046 adults (ages 18+) from June 23-26, 2011.

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