Survey: Women worry more about personal finances

Thursday, September 07, 2017

SPRINGFIELD — While Middle American men and women share similar feelings of financial security, women are more likely to worry about their personal finances and with good reason: they are three times more likely to say they cannot afford to save for retirement, according to a new study from Massachusetts Mutual Life Insurance Co. (MassMutual).

Four in 10 women (39 percent) and 35 percent of men with annual household incomes of between $35,000 and $150,000 report feeling “not very” or “not at all” financially secure, according to the 2017 MassMutual Middle America Men & Women Finances Study1 (Men & Women Finances Study). The internet-based study polled 1,010 middle-income Americans and finds men and women have different saving habits, especially when it comes to retirement. The study is being released to mark 401(k) Day today, Sept. 8.

“MassMutual’s research indicates that many women in Middle America are falling behind when it comes to preparing for retirement and building financial security,” said Teresa Hassara, Leader of MassMutual’s

Workplace Solutions. “The data indicates an imperative for financial education for Middle American workers, especially women who often face greater financial challenges. Many people realize the need for financial education and say they would appreciate their employers making more such resources available.”

One in two women (51 percent) say they worry at least once a week about money compared to 45 percent of men, according to MassMutual’s Men & Women Finances Study. Women are also more likely to bring those worries to work while men are twice as likely to say they never worry about money, the study finds.

To see the full study, go to: https://www.massmutual.com/-/media/files/MM-MW-Financial-Study