Genworth Finds Planning Gender Gap

By Rory Banim

August 01, 2011 at 08:00 PM

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NEW YORK — Women may be less likely than men to focus on financial planning.

Genworth Financial Inc., Richmond Va. (NYSE:GNW), has published figures supporting that conclusion in a summary of results from an online consumer survey of 1,046 U.S. adults ages 18 and older. The survey team asked participants about their thoughts about financial well-being and living a balanced life.

Genworth found that 54% of the men said they focus on planning for their financial health at least once a week, compared with only 42% of the women.

However, 73% of the women said they believe financial well-being is important to living a balanced life, compared with 62% of the men.

Genworth presented the survey results here at a recent panel discussion on the role of female caregivers.

Genworth has worked for years to spread the idea that long term care insurance can help increase the quality of life of women who will end up providing care for spouses, parents or other loved ones.

"We found it interesting that those who said they need financial well-being to maintain a balanced life, – particularly women, are less likely to spend time focusing on financial planning," Wendy Boglioli, a Genworth LTC specialist, said at the panel discussion.