For Release: May 20, 1998Contacts:
Ellen Philbin 781.736.3943--National Center on Women & Aging
Faith Weiner 617.443.9933--Rasky/Baerlein Group
Washington, D.C. -- Women at midlife and older lack basic information and initiative in managing their finances, and often come up short in retirement saving, says a new study from the National Center on Women & Aging at the Heller Graduate School, Brandeis University. Results of the study were presented at a conference held today at the National Press Club.Conference presenters included keynote speaker and syndicated personal finance columnist Jane Bryant Quinn and James H. Schulz, Ph.D., Project Director, associate of The National Center on Women & Aging and professor of economics and Kirstein Professor of Aging Policy, The Heller Graduate School, Brandeis University.
"The findings from our national study of 500 midlife and older women reinforce the belief that these women lack education in the basics of financial planning. This lack of knowledge can put women at a great disadvantage, " stated Phyllis H. Mutschler, Ph.D., executive director of the National Center on Women & Aging. "Most women simply are not getting adequate information about specific types of investments."
This should be a wake up call to financial advisors. It is not surprising given traditional gender roles, that women at midlife and older often have less annual income and have accumulated less wealth. The study shows that these women often leave managing the money to someone else. When they become involved in investing and financial planning, whether by choice or necessity, they can be profoundly uncomfortable and unprepared.
The National Center on Women & Aging was established in 1995 to improve the lives of midlife and older women through research, policy analysis, and community education. "Our goal is to begin a dialogue on how the financial services industries can better meet the needs of women preparing for their later years, " said Mutschler. "We view this conference as the first step in addressing the planning needs of midlife and older women."
The Center's conference was made possible by the premiere sponsorship of : Sun Life of Canada (U.S.) Distributors, Inc., and the sponsorship of : AARP Investment Program from Scudder, Putnam Investments, Tweedy Browne Company, LLC, and Enid Levine Beal.
For a copy of the executive summary, call Ellen Philbin at 781.736.3943.