(ARA) - Eileen Manning, 42, of Minneapolis, Minn., will never forget the day she turned 39. Instead of enjoying a night on the town with her husband, that was the day he died suddenly of a heart attack.

“I never expected to become a widow at 39, but it happened and there was nothing I could do about it,” said Manning, who found herself facing an uncertain future. “I had spent the two years before he died forming a new business, The Event Group, and had little time to focus on things such as household expenses.”

After her husband’s death, not only did she have to pick up the pieces emotionally, but she also had to figure out which bills had to be paid, how much money she had in savings and how she was going to prepare for her financial future -- alone.

“It took me at least six months to figure it all out,” she noted. “From trying to locate where our boat had been stored, to what benefits he had coming, it was overwhelming.” Just as she began to put the pieces of her life back together, Manning was faced with another life-altering experience.

“I got sick while eating at a restaurant with clients and passed out.” When she got to the hospital, doctors performed emergency surgery and removed her gallbladder. As she recovered, Manning thought long and hard about how she was going to move forward. “After my sudden illness, I realized my own life was precious and I needed a more elaborate financial plan,” she said.

Manning finally made those important financial decisions, but she’s in the minority. A survey conducted by Prudential Financial late last year found that while a significant number of Baby Boom women are becoming more financially aware, too few are taking the action necessary to secure their financial futures.

In fact, just 14 percent of those polled have engaged in some form of detailed financial planning, and while 84 percent believe securing long-term care is important, just 13 percent said they currently own long-term care insurance.

In May of this year, Prudential followed up on the 2002 study when it released the results of a retirement planning survey that polled America’s pre-retirees -- those between the ages of 45 and 60. The results illustrate an alarming difference between men and women that should be an even greater wake-up call for women pre-retirees.

Specifically, the 2003 study found:

* 73 percent of men are confident their investments are on the right track, compared to just 57 percent of women.

* Just 48 percent of women are confident of their ability to achieve their retirement goals, compared to 7 out of 10 of their male counterparts.

* 47 percent of women polled are worried about having to postpone retirement, while just 32 percent of men share that sentiment.

* 56 percent of women feel they have a good understanding of asset allocation, while 71 percent of men do.

* Two-thirds of men are happy with their current level of household savings, compared to 52 percent of women.

The study also revealed that the level of financial health of many women pre-retirees is a cause for great concern.

“We found that 39 percent of women polled are considered to be in ‘frail’ financial health, having yet to take many of the necessary steps to plan, monitor and seek advice on growing and protecting their wealth,” said Priscilla Myers, senior vice president and individual insurance chief marketing officer for Prudential.

As a follow-up to the study findings, Prudential is continuing its educational strategy for local markets designed to help raise the level of women’s financial health.

“The fact that more than a third of women pre-retirees are in ‘frail’ financial health is alarming,” added Myers. “By providing our financial planners the tools needed to reach women, we hope to educate, empower and encourage them to improve their financial health and secure the comfortable retirement they deserve.”

For more information, including an online copy of Prudential’s 2002 study on the financial behaviors among women, visit www.prudential.com.

Investment advisory services are offered through Prudential Financial Planning Services, a division of Pruco Securities Corporation. Securities are offered by Pruco Securities Corporation (member SIPC), a Prudential Financial company.

Courtesy of ARA Content