How age and ethnicity influence women's financial security

Posted: Thursday, December 20, 2012 12:00 am | Updated: 2:59 am, Tue Jan 15, 2013.

(BPT) - The need for retirement security cuts across all social, gender and ethnic lines. The fact is, everyone is going to age and will need support after leaving the workforce. Studies show that women approach this issue differently than men, and women of different ethnicities have varying viewpoints when it comes to setting financial goals.

According to Prudential Financial’s latest biennial study, “Financial Experience and Behaviors Among Women,” significant differences in the financial styles and priorities of women exist based on ethnicity. For example, while women are generally concerned about becoming a burden to their families later in life, this fear is particularly prevalent among African American women. Other unique differences highlighted by the study include: