While women across generations are willing and eager to provide
financial support to their family members, they are also placing a
strong emphasis on self-reliance, according to the MetLife Mature
Market Institute study, Women’s Views on Family Financial
Obligations: A MetLife Survey of Intergenerational Findings of Baby
Boomers and Generations X and Y.
One tendency that appears to be universal among the women
surveyed (almost eight in 10 across all generations) is the desire
to be able to give more financially to children or grandchildren.
Similarly, across generations, women strongly agree that they need
to prepare for retirement to avoid depending on family members
later in life - 89% of Boomers (b. 1946–64), 88% of Gen Xers (b.
1965–1976) and 84% of Gen Yers (b. 1977–1990).
Boomers place a strong focus on self-reliance and are more
likely to report that they are financially secure than the other
generations (60% vs. 47% of Gen Xers and 50% of Gen Yers). If given
the choice between spending money to enjoy retirement versus saving
with the intent to leave an inheritance, both Boomers (73%) and Gen
Xers (69%) were more likely than Gen Yers (54%) to agree with the
retiree who is giving small gifts to her children, but is more
focused on enjoying retirement. Approximately half of the women
overall feel they have a strong or absolute responsibility to
provide financial support for their children’s education; however
Gen Yers were significantly more likely to do so, as reported by
57% of women (compared to 51% of Gen Xers and 45% of Boomers).
As women get older, they indicate they've contributed
significantly to their children and that the time has come to focus
on their own needs for both enjoyment and independence.
Respondents’ emphasis on self-reliance extends to their
reluctance to accept financial help from their children. In times
of financial difficulty, an equal percentage of women across all
generations would give financial help to parents and/or in-laws,
but 45% of Boomers say they wouldn’t accept financial help from
their adult children, even if they needed it.
“What’s apparent from this study is that having a plan for
independence is important for family financial security, especially
for women as they age; many clearly don’t want to rely on their
families,” said Sandra Timmermann, Ed.D., director of the MetLife
Mature Market Institute.
“In our interviews and through the data, we also found that
obligation and responsibility are part of how generations feel
about caring for each other, but they are certainly not the
overriding reasons. The desire to help, financially and
non-financially, comes from a feeling of caring and love.”
Among women, life insurance is viewed as a key component to
ensuring their family’s financial security. As one respondent to
the study said “I couldn’t imagine not having life insurance. I
just can’t imagine there being that added stress for my
family.”
There are some key distinctions between younger and older women
when it comes to the reasons for having or needing life insurance.
Generation Y (83%) and Generation X (79%) cite having or needing
life insurance to support their children if they die prematurely,
followed by a desire to support a spouse. Likewise, younger women
were more likely than Boomers to say paying for children’s
education was a major reason for having life insurance. Boomers
(59%) were more likely to say life insurance is to support their
spouse if they die prematurely, followed by to cover funeral
costs.
The strong desire to help children financially doesn’t
necessarily extend to the grandparent-grandchild relationship. Only
8% of Boomer women feel a responsibility to support a grandchild’s
education. However, the feeling of responsibility for
grandchildren’s education is on the rise – 15% of Gen Yers and 13%
of Gen Xers say that providing support for grandchildren’s
education is a responsibility.
Some Gender Differences Observed
In general, men indicate a greater feeling of responsibility to
protect their families financially from an unexpected death. Men
(83%) are more likely than women (73%) to feel a sense of
responsibility for making sure their spouse has enough money if
they died unexpectedly, particularly among Boomers (84% vs. 71% of
women).
Fathers and grandfathers overall are more apt to wish they could
give more financially to their children and grandchildren than
their female counterparts (82% vs. 77% of mothers and
grandmothers).
Life insurance coverage is higher among older men. Gen X and
Boomer men are more likely to report being covered by life
insurance, either through an employer or paid for individually (83%
vs. 76% of women). Among those who have not purchased individual
life insurance policies beyond what their employer provides, men
are more likely than women to say they don’t need it since they are
healthy and expect to live a long time.
Methodology
The findings in Women’s Views on Family Financial Obligations: A
MetLife Survey of Intergenerational Findings of Baby Boomers and
Generations X and Y were based on responses from 1,060 women from
the 2012 MetLife Mature Market Institute study, Multi-Generational
Views on Family Financial Obligations. This online survey of 2,123
Americans ages 21 to 65 was conducted from June 29 to July 20,
2011. Respondents were selected from among Harris Interactive’s
online research panel. To qualify, respondents had to have
household incomes of at least $40,000 ($30,000 if Gen Y). Boomers
and members of Gen X were required to have a dependent — either a
spouse or a child; Gen Yers did not necessarily have dependents.
The data were weighted by age, gender, education, and
race/ethnicity to best reflect this target population. In addition,
a total of seven interviews were conducted with pairs of parent and
child representing all three generations to add depth to the
findings from the survey.
Women’s Views on Family Financial Obligations: A MetLife Survey
of Intergenerational Findings of Baby Boomers and Generations X and
Y can be downloaded from www.MatureMarketInstitute.com. The study
can also be ordered through Contact Us on the MetLife Mature Market
Institute Web site, by writing to: MetLife Mature Market Institute,
57 Greens Farms Road, Westport, CT 06880 or by e-mailing
MatureMarketInstitute@metlife.com.
Mathew Greenwald & Associates
Mathew Greenwald & Associates, Inc. is a leading full
service public opinion and market research firm that has been
conducting customized research for over 25 years. Specializing in
serving the research needs of financial services organizations,
Greenwald & Associates has earned a reputation for extensive
research knowledge, industry expertise, and commitment to serving
the needs of its clients. For more information about Mathew
Greenwald & Associates, visit:
http://www.greenwaldresearch.com.
The MetLife Mature Market Institute®
Celebrating its 15-year anniversary in 2012, the MetLife Mature
Market Institute is Metropolitan Life Insurance Company’s (MetLife)
center of expertise in aging, longevity and the generations, and is
a recognized thought leader by business, the media, opinion leaders
and the public. The Institute’s groundbreaking research, insights,
strategic partnerships and consumer education expand the knowledge
and choices for those in, approaching or working with the mature
market.
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