Business & Finance
Business and Finance
Business and Finance
Wed, July 28, 2010
Tue, July 27, 2010 
NEWARK, N.J.--([ BUSINESS WIRE ])--Women are more aware, engaged and actively involved in financial matters than ever before, according to the latest in a series of studies on womena™s financial behaviors conducted by Prudential Financial, Inc. (NYSE:PRU) and announced today in partnership with the Womena™s Media Center and The Paley Center for Media.
"Ita™s clear that the more women know about money and finance, the more they understand what ita™s going to take to meet their future financial needs"
The 10th anniversary study, a[ Financial Experience & Behaviors Among Women ],a revealed that 95 percent of women are involved in household financial decisions, with one-fourth acting as primary decision-makers. At the same time, however, two-thirds of women a" 64 percent a" say they have more work to do to secure their financial future.
aIta™s clear that the more women know about money and finance, the more they understand what ita™s going to take to meet their future financial needs,a said Christine Marcks, president of Prudential Retirement, a leading provider of 401(k) and other retirement plans. aBut ita™s disturbing that too few have plans in place to achieve their long-term financial and retirement goals.a The survey found just one-third of women have a detailed financial plan in place, and, among the youngest segment, (ages 25-34) just one in 10 has a financial plan in place. Women cite barriers to developing a detailed financial plan, including lack of time, the pull to meet shorter-term financial obligations, lack of knowledge and, for many, an unmet desire for assistance and help.
Despite the financial setbacks of the economic crisis and concern about continued volatility, more than half of the women surveyed remain optimistic about the countrya™s economic recovery, although more than 75 percent now plan to either work longer (56 percent) or wonder if they will be able to retire on time (20 percent).
The Prudential study involved a national sample of women who are sole or joint heads of households between the ages of 25 and 64. The group has household income of $50,000 or more. Nearly 60 percent are employed, nearly 75 percent have advanced degrees and half have financial assets of more than $100,000.
Although women are more involved in decision making, many still lack confidence in their ability to make sound financial decisions and lack knowledge about sophisticated financial productsa"a consistent trend over the course of the 10-year study. aWomena™s understanding of basic financial products is strong,a said Lori High, president of Prudentiala™s Group Insurance business, the second-largest provider of corporate life and disability insurance plans. aTheir knowledge of products such as annuities and long-term care insurance has deepened since we conducted our first research in 2000, but it continues to be limited.a
Underscoring this knowledge gap, fewer than two in 10 women feel avery prepareda to make wise financial decisions. Half indicate that they aneed some help,a and one-third believe that they aneed a lot of help.a Nearly nine in 10 of those who are looking for a lot of help need guidance on how to choose financial products that meet their needs.
aWhile the need for a trusted financial partner has never been greater, women are relying on informal personal networks for advice,a said Judy Rice, president of Prudential Investments, Prudentiala™s proprietary mutual fund business. aBuilding a financial plan requires expert assistance, so it is important that financial firms work hard to build trust and do a better job of encouraging women to find the time to establish realistic plans to meet their specific needs.a
The study was originally launched in 2000, and is updated every two years. For the 10th anniversary study, 1,250 American women were polled. The survey was administered from Feb. 10-26, 2010. The margin of error is 2.9% at a 95% confidence level. Respondents were panelists in the Harris Interactive Poll Online. To download a copy of the study, visit [ http://www.prudential.com/women ].
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $693 billion of assets under management as of March 31, 2010, has operations in the United States, Asia, Europe, and Latin America. Prudentiala™s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudentiala™s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit [ www.news.prudential.com ].
The Paley Center for Media, with locations in New York and Los Angeles, leads the discussion about the cultural, creative, and social significance of television, radio, and emerging platforms for the professional community and media-interested public. Drawing upon its curatorial expertise, an international collection, and close relationships with the leaders of the media community, the Paley Center examines the intersections between media and society. The general public can access the collection and participate in programs that explore and celebrate the creativity, the innovations, the personalities, and the leaders who are shaping media. Through the global programs of its Media Council and International Council, the Paley Center also serves as a neutral setting where media professionals can engage in discussion and debate about the evolving media landscape. Previously known as The Museum of Television & Radio, the Paley Center was founded in 1975 by William S. Paley, a pioneering innovator in the industry.
Womena™s Media Center (WMC) makes women visible and powerful in the media. WMC works with the media to ensure that womena™s stories are told and womena™s voices are heard. They do this in three ways: through media advocacy campaigns; by creating their own media; and by training women to participate directly in media. WMC is directly engaged with the media at all levels to ensure that a diverse group of women is present in all forms of media: newsrooms, on air, in print, social media and online, as sources and subjects. The Womena™s Media Center was founded in 2005 as a non-profit media organization by Jane Fonda, Robin Morgan, and Gloria Steinem. For more information on the Womena™s Media Center, please visit: [ www.womensmediacenter.com ].
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