FEDweek

Report Cites Gender Differences in Financial Goals

Men and women have somewhat different attitudes toward providing financially for their family members and toward accepting help from them, according to the MetLife Mature Market Institute.

For example, while both women and men generally feel a responsibility to protect their families financially from an unexpected death, men are more likely than women to feel responsible for making sure their spouse would have enough money, by 83 to 73 percent. Similarly, men are more likely to feel responsible for ensuring their spouse can maintain their lifestyle for the rest of their life, by 54 to 32 percent.

Fathers and grandfathers also are more likely than mothers and grandmothers to wish that they could give more financially to their children and grandchildren, 82 vs. 77 percent. Nearly 40 percent of men said they would like to leave a child $100,000 or more, double the percentage of women.

As one result, about 83 percent of baby boom men say they have life insurance coverage compared with 76 percent of women, with 48 percent of men saying they have more than $200,000 of coverage compared with 23 percent of women.

And about half of men said they are not willing to accept financial aid from their children, compared with only about a third of women.