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Men and women view financial planning differently

Posted On Thu, July 28, 2011

According to a recent study, 54 percent of men mull over their financial planning efforts at least once per week, while only 42 percent of women do the same. The study was conducted by Genworth Financial and focused on attitudes toward finances and the meaning of a balanced life.

In spite of the lower percentage of women who engage in financial planning per week, the survey showed that women are more inclined than men to think that financial wellbeing is an integral component of maintaining a balanced life. Wendy Boglioli, spokesperson for Genworth, spoke on the results.

"We found it interesting that those who said they needed financial wellbeing to maintain a balanced life - particularly women - are less likely to spend time focusing on financial planning," she said. "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."

The study notes that living a balanced life can seem difficult for women who have to juggle family, career and caregiver priorities. Creating a written financial plan with the assistance of an advisor can ease the burden, and comparing annuity quotes can help women locate the right account for their situation.

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