The woman responsible for starting Mother’s Day in the U.S. believed in the caring power of women. Back in 1858, Anna Reeves Jarvis, an Appalachian homemaker, organized a day to raise awareness of poor health conditions in her community, a cause she believed would be best advocated by mothers. She called it “Mother’s Work Day.”
Since then, Mother’s Day has morphed into a more joyous occasion marked by flowers and festive brunches. What hasn’t changed is the caring power of women.
Today, women are still focused on the needs of others and are often the primary caregivers for children and older relatives. Results of AXA Equitable’s recent study, Retirement in America: A Survey of Concerns and Expectations, found that women are more likely than men to prioritize providing financial support for family members. Significantly more women than men rank providing financial support to elderly parents or relatives as a first or second priority – 83 percent of women versus 65 percent of men.
This focus on caregiving, however, often means that women put the needs of others ahead of their own. This could be detrimental when it comes to their own finances and planning for the future. AXA Equitable’s research finds that twice as many women than men (22% vs. 11% respectively) say their top financial worry is being able to reach their retirement goals.
Women are also more likely than men to be “troubled” or “kept up at night” about:
- Their investments losing value (44% of women vs. 36% of men)
- Having inadequate sources of guaranteed income (42% of women vs. 32% of men)
- Inflation decreasing the value of retirement investments (41% of women vs. 34% of men)
To help empower women to take control of their finances, AXA Equitable honors Mother’s Day by working to raise awareness of the need for greater financial preparedness among women, especially when it comes to retirement planning. To learn more, visit our online women’s center Women, Wealth and Wisdom.
Click here for more information about AXA Equitable’s study, Retirement in America: A Survey of Concerns and Expectations.
AXA Equitable Life Insurance Company (AXA Equitable). AXA Advisors, LLC, Member FINRA, SIPC. AXA Equitable and AXA Advisors affiliated companies, located at 1290 Avenue of the Americas, New York, NY 10104, (212) 554-1234. GE-55774(05/10)
