Women, money and power

- women, money and power. Is the title of a recent article by Aimee Johnson, who is responsible for the women's program for Allianz Life. According to Johnson, the women's market is still considered by some as a niche market, but it continues to set the record straight.

Nearly a third of women serve as sole or main breadwinner of the household, according to a 09 report on women in the workforce by the US Bureau of Labor Statistics. A more recent study of women and society also notes that 66 percent of wealthy women refer to themselves as the chief financial officer (CFO) of their family. Women also control 60 percent of the wealth in the United States and are involved in 0 percent of family financial decisions.

In other words, the market for women is important. What is equally important is that women are still not receiving the attention they deserve from the financial services sector, while gentlemen, pay attention. LIFE Foundation hopes to change this lack of attention.

The 07 Allianz Women, Money and Power study indicated that only 29 percent of women working with a financial professional. The study found that this was mainly due to a lack of comfort and trust with financial planning, despite the fact that these women are well educated, have successful careers and are managing their daily finances household.

So she asks where is the disconnect?

a main issue is that the financial services sector approaches the female market as a group with constant needs, but just like the men's market, they have many different life stages and financial needs.

The Allianz study found that divorce or widowhood plunged nearly half of all women in the financial crisis or pushing a major change in how they seek financial advice. The average age of widowhood is 58 and just over 44 percent of women over 65 are widowed, as nearly 10 percent of women aged 55-64 (Office of the US Census, 05-07 American Community Survey).

Some of the common challenges faced by widows set include real estate assets and re-titling; change the beneficiary designations on insurance and retirement accounts; establishing a new proxy, by examining the income requirements, and changing the tax status.

Although the initial conversation may need to focus on more immediate issues, such as credit card debt and the development of a new budget, a thorough review debate should occur approximately three areas -. insurance, social security and pensions, including ongoing contributions and distributions from qualified plans

Johnson then highlights specific concerns for insurance needs, social security and retirement. These points are too many to discuss in this short blog, but suffice it to say that women need professional advice to work in these areas.

This year, the Foundation LIFE focus our resources on the market and needs of women. We change our awareness campaigns to ensure we reach out to women in the age group 25 to 50 years, as well as traditional markets. Visit our website during the year for updates.