Fifty-four percent of men focus on planning for their financial health at least once a week, compared with only 42% of women, according to a Genworth survey that evaluates consumers’ attitudes on financial well-being and a balanced life. Despite this, the survey found that more women than men feel financial well-being is important to maintaining a balanced life.
“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,” said Wendy Boglioli, national Genworth spokesperson, caregiver and 1976 Olympic gold medalist. “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.”
Additional research suggests that having financial peace of mind in retirement is becoming a more important financial goal than accumulating as much wealth as possible, and that as people age, financial peace of mind becomes a greater priority. This latest research validates that there is a link between one’s view of their financial well-being and overall physical well-being.
Women and Achieving a Balanced Life
The notion of achieving a balanced life can often seem like an impossible goal for women who are juggling the competing priorities of family, career and caregiver. “The principles of achieving a balanced lifestyle are consistent with those I adopted to prepare for the Olympics,” says Boglioli. “Like preparing for the Olympics, exercise routines must change and develop with input from coaches and discussions about what works. Creating your plan for financial well-being starts with a conversation between you and loved ones and develops over time to a written plan that can change as necessary.”
Boglioli offers guidance on how to manage, based on her firsthand experience in balancing each of these multiple roles:
According to the survey, more than 77% of respondents ages 55 and over were more likely to view financial well-being as a necessity for a balanced life:
Financial well-being is equally important to all income groups, with more than 60% of respondents across income levels below $75,000 identifying financial well-being as needed for a balanced life.
Respondents in larger households say that worries over their personal financial situation have an impact on their health. In comparison, smaller households are more likely to feel good about their ability to manage and balance physical and financial stress.
“Baby Boomers are a generation of participators, but we are also finishers,” adds Boglioli. “Understanding that there is a symbiotic relationship between physical and financial fitness is important to achieving a balanced life.”
The online survey, conducted by ORC International, looked into a variety of socio-economic variables, including gender, age, income and household size. Factors other than financial health that respondents said contribute to a balanced life include family, friends, spirituality and intellectual outlets.