METLIFE STUDY COMPARES WOMEN’S VIEWS ON FINANCIAL RESPONSIBILITIES TO THEIR FAMILY

METLIFE STUDY COMPARES WOMEN’S VIEWS ON FINANCIAL RESPONSIBILITIES TO THEIR FAMILY

Westport, CT February 16, 2012

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).