Perceptions of Financial Well-Being among American Women in Diverse Families
- 797 Downloads
This study investigated the financial well-being of American women using data from a nationwide web survey of 368 women between the ages of 30 and 65 with household incomes of at least $40,000. Specifically, we examined perceptions of financial well-being among women with and without children who lived in different family forms including marriage, cohabitation, stepfamilies, as well as women who were single. The majority of women reported they had conservative buying behaviors, desired financial independence, had a somewhat negative view of their current financial situation, had worries about retirement and their financial futures, and considered long-term care insurance a necessity. Women in nontraditional families (single mothers, cohabitors, and stepfamilies) had significantly greater worries about their financial futures than women in first marriages. Single mothers were less likely to say that they had their financial house in order and were more likely to express concern that their money would not last through retirement. Cohabiting women were significantly more likely to express fears about becoming a burden. All three groups were more likely than women in first marriages to agree that long-term care insurance is a necessity. Women who were older, were more educated, had higher income, and who contributed more money to the household income had more positive perceptions of their financial situation.
KeywordsFamily structure Finances Financial well-being Money Retirement Women
- Allison, P. (1999). Multiple regression: A primer. Thousand Oaks, CA: Pine Forge Press.Google Scholar
- AmeriStat (2003) More U.S. women outearning their husbands. Retrieved February 20, 2008, from http://www.prb.org/Articles/2003/MoreUSWomenOutearningTheirHusbands.aspx.
- Anthes, W. L., & Most, B. W. (2000). Frozen in the headlights: The dynamics of women and money. Journal of Financial Planning, 13, 130–142.Google Scholar
- Babbie, E. (2007). The practice of social research. Belmont, CA: Wadsworth.Google Scholar
- Bajtelsmit, V. L., & Bernasek, A. (1996). Why do women invest differently than men? Financial Counseling and Planning, 7, 1–10.Google Scholar
- DeNavas-Walt, C., Proctor, B. D., & Lee, C. (2006). Income, poverty, and health insurance coverage in the United States: 2005. (U.S. Census Bureau, Current Population Reports, P60-231) Washington, DC: U.S. Government Printing Office.Google Scholar
- Dillman, D. A. (2007). Mail and internet surveys: The tailored design method (2nd ed.). New York: Wiley.Google Scholar
- Economic Report of the President (1999). Washington, DC: U.S. Government Printing Office. Retrieved February 20, 2008, from http://www.gpoaccess.gov/usbudget/fy00/pdf/1999_erp.pdf.
- Edin, K., & Lein, L. (1997). Making ends meet. NY: Russell Sage.Google Scholar
- Goldscheider, F. (2006) Families, fathers, and demographic change. Retrieved February 20, 2008, from http://www.prb.org/Articles/2006/FamiliesFathersandDemographicChange.aspx.
- Honig, M. (1998). Married women’s retirement expectations: Do pensions and social security matter? AEA Papers and Proceedings, 8, 202–206.Google Scholar
- Johnson, T., & Dye, J. (2005). Indicators of marriage and fertility in the United States from the American Community Survey: 2000 to 2003. Washington, DC: U.S. Bureau of the Census Population Division. Retrieved February 20, 2008, from http://www.census.gov/population/www/socdemo/fertility/mar-fert-slides.html#abstract.
- Kahan, S. (2001). Planning the second and third time around. Practical Accountant, 34, 31–35.Google Scholar
- Kenney, C. (2004). Pay and stay? The relationship between whose name is on the lease or mortgage and allocation of resources in cohabiting parent households. Paper presented at the annual meeting of the Population Association of American, Boston, MA.Google Scholar
- Korn, D. J. (2001). Yours, mine, and ours: Blended financial planning for couples with stepchildren. Black Enterprise, 32, 123–128.Google Scholar
- Kreider, R. M. (2005). Number, timing, and duration of marriages and divorces: 2001. (Current Population Reports, P70-97). Washington, DC: U.S. Census Bureau.Google Scholar
- Krier, D. (2005). Speculative management: Stock market power and corporate change. Albany, NY: SUNY Press.Google Scholar
- Loibl, C., & Hira, T. K. (2007). New insights into advising female clients on investment decisions. Journal of Financial Planning, 20, 68–75.Google Scholar
- McClendon, M. J. (1994). Multiple regression and causal analysis. Itasca, IL: F. E. Peacock.Google Scholar
- Miles, D. (2004). The UK mortgage market: Taking a longer-term view. (Working Paper, UK Treasury). Retrieved February 20, 2008, from http://www.hm-treasury.gov.uk/d/miles04_470.pdf.
- National Council on Economic Education (2005) What American teens and adults know about economics. National Council on Economic Education. Retrieved February 20, 2008, from http://22.214.171.124/WhatAmericansKnowAboutEconomics_042605-3.pdf.
- National Endowment for Financial Education (2002) Financial literacy in America: Individual choices, national consequences. Retrieved February 20, 2008, from http://www.nefe.org/Portals/0/NEFE_Files/Research%20and%20Strategy/Personal%20Finance%20Papers%20white%20papers/04Financial%20Literacy%20in%20America%20Indiv%20Choices%20Natl%20Conseq_Oct02.pdf.
- Population Reference Bureau. (1999). The ’90s family: Nuclear meltdown. Population Today, 27, 5.Google Scholar
- Rappaport, A. M. (2007). Improving the financial status of elderly women: Issues in savings, pension plans and social security. Benefits Quarterly, 23, 34–44.Google Scholar
- Rossi, A. S., & Rossi, P. H. (1990). Of human bonding: Parent–child relationships across the life course. New York: de Gruyter.Google Scholar
- Statistical Abstract of the United States (2007). Table 755: Bankruptcy cases filed by state, 1985–2005. Retrieved February 20, 2008, from http://www.census.gov/prod/2006pubs/07statab/business.pdf.
- Survey Sampling International (SSI) (2007). Samples overview. Retrieved February 20, 2008, from http://www.surveysampling.com/products_samples.php.
- Thomson, E. (1994). ‘Settings’ and ‘development’ from a demographic point of view. In A. Booth & J. Dunn (Eds.), Stepfamilies: Who benefits? who does not? (pp. 89–96). Hillsdale, NJ: Erlbaum.Google Scholar
- U.S. Census Bureau (2005). Percent of married-couple families with both husband and wife in the labor force: 2005. Washington, DC: 2005–2007 American Community Survey. Retrieved February 8, 2008, from http://factfinder.census.gov/servlet/ACSSAFFPeople?_submenuId=people_6&_sse=on.
- U.S. Census Bureau (2006a) Majority of undergrads and grad students are women. (Census Bureau Reports). Washington, DC: 2005–2007 American Community Survey. Retrieved February 8, 2008, from http://www.census.gov/Press-Release/www/releases/archives/education/007909.html.
- U.S. Census Bureau (2006b) Family and living arrangements: 2005. Washington, DC: Population Division, Fertility and Family statistics Branch. Retrieved February 8, 2008, from http://www.census.gov/population/www/socdemo/hh-fam/cps2005.html.
- U.S. Census Bureau (2007a). Educational attainment, 2005. Washington, DC: 2005–2007 American Community Survey. Retrieved February 8, 2008, from http://factfinder.census.gov/servlet/STTable?_bm=yand-geo_id=01000USand-qr_name=ACS_2005_EST_G00_S1501and-ds_name=ACS_2005_EST_G00.
- U.S. Census Bureau (2007b). Income, poverty, and health insurance coverage in the U.S: 2006.Washington, DC: U.S. Department of Commerce. Retrieved February 15, 2008, from http://www.census.gov/prod/2007pubs/p60-233.pdf.
- Weinberg, D. H. (2004). Evidence from census 2000 about earnings by detailed occupation for men and women. Census 2000 Special Reports, CENSR-15.Washington DC: U.S. Department of Commerce. Retrieved April 10, 2009, from http://www.census.gov/prod/2004pubs/censr-15.pdf.
- Wu, L. L., & Wolfe, B. (2001). Out of wedlock: Causes and consequences of nonmarital Fertility. New York: Sage.Google Scholar