Women are less likely than men to concentrate on financial planning, according to a new survey on financial wellbeing and health.
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The survey, by Genworth, found that 54 percent of men focus on financial planning at least once a week, compared to 42 percent of the women surveyed. However, the survey also found that more women than men said that financial wellbeing was important to maintaining a balanced life.
In addition to gender differences, the survey also found differences in financial planning attitudes and the impact on health among people with different ages, incomes and household sizes. Those between the ages of 18 to 24 were more likely (58 percent) to take time to focus on planning for their financial health at least once a week compared to those between the ages of 35 to 44 (39 percent), 45 to 54 (47 percent), 55 to 64 (48 percent) and over 65 (39 percent).
Over 66 percent of the survey respondents ages 18 to 54 said that worries over their personal financial situation have an impact on their health, while less than 52 percent of respondents ages 55 and above agreed.
Financial wellbeing was equally important to all income groups, with more than 60 percent of respondents across income levels below $75,000 identifying financial wellbeing as needed for a balanced life.
Over 70 percent of individuals making over $50,000 said they felt good about their ability to manage the balance of physical and financial stress, while 61 percent or less of individuals below $50,000 in household income agreed.
“We found it interesting that those who said they need financial wellbeing to maintain a balanced life—particularly women—are less likely to spend time focusing on financial planning,” said Genworth spokesperson Wendy Boglioli, a 1976 Olympic gold medalist in swimming. “Living well now and in retirement requires a balance between being both financially sound and physically fit. These factors are often overlooked due to busy lifestyles.”
Households making less than $25,000 are most likely to feel like they need help but don't know where to get it (21 percent of respondents), while 15 percent or less of all of the other income groups said they felt the same way.
Survey respondents in larger households said that worries over their personal financial situations had an impact on their health. That compared to smaller households, which are more likely to feel good about their ability to manage and balance physical and financial stress. Sixty-six percent of the survey respondents with households that have three or more members said that worries over their personal financial situation had an impact on their health, while less than 58 percent of respondents with one or two household members agreed.