As many as half of American women fear becoming bag ladies as they get older.
The survey — performed by Allianz Life Insurance — was conducted to make women aware that financial planning services could help avoid the fate, reports CNBC.
The bag lady fear isn’t only limited to poorer women, either. 27% of women with a household income of $200,000 per year share the concern. However, a researcher at the Urban Institute who specializes in poverty studies says it isn’t probable. “It’s highly unlikely. But it could happen. The fact that these women are thinking about it is a good thing,” Barbara Butrica says.
Over 90% of the 2,200 women surveyed — ages 25 to 75 and with incomes above $30,000 per year — said women needed to think more about financial planning and retirement issues. Overall, women live longer than men and need to think about providing for a longer future.
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