Horsham, PA (Vocus) August 25, 2010

The Penn Mutual Life Insurance Company commemorates the 90-year anniversary of the passing of the 19th Amendment with new findings from its second annual Worth® Survey for Women, which found that 71 percent of women surveyed believe they are independent. These women also report being on or ahead of target when it comes to achieving financial goals. As we celebrate women’s progress—including earning the right to vote—over the 39 years since Congress designated August 26 “Women’s Equality Day,” it is encouraging to see that women also are making strides toward financial independence and security.

At a time when more women have become the sole breadwinner of their household, a woman’s financial decision-making is invaluable. Recent statistics show a substantial increase in men’s unemployment rate, which climbed to 9.9 percent, compared to a decline in women’s unemployment rate at 7.8 percent, according to the U.S. Department of Labor.

The survey found that women who characterize themselves as independent are more likely to be on track with respect to paying off debt (33 percent vs. 19 percent of non-independent women), building up their savings (26 percent vs. 18 percent, respectively), and guaranteeing they will maintain or enhance their lifestyle during retirement (26 percent vs. 17 percent).

The annual tracking study was conducted by Penn Mutual during March 2010 and encompassed interviews with a nationally representative sample of women ages 25 to 64. The sample included women across a wide income spectrum, women with and without life insurance, and both married and single mothers.

“We’re pleased to know so many women feel independent and on track with their financial planning, especially at such a critical time in our nation’s economy,” says Tracy Marrocco, Director of Women’s Marketing for The Penn Mutual Life Insurance Company. “But, we know there is still much work to be done. Over the last 90 years, women have made great strides in their education, employment and earnings, and Penn Mutual has applauded these advancements from the very beginning. We support the need for women to take an active role in financial planning through our Worth® program, which can help women who are on the right path stay there, and give those women who need more guidance the resources to redirect their approach to financial planning and their future.”

According to the Worth survey, women who view themselves as independent also look positively at the possibilities of their future and have set goals to meet them. Independent women are significantly more likely than those who do not view themselves as independent to say they are on or ahead of target for being able to save for future travel (29 percent vs. 18 percent), and save for a home remodel (20 percent vs. 10 percent).

It is not clear from the findings whether a feeling of independence leads women to be more proactive with respect to financial planning. However, what is apparent from the survey is that there is still significant room for improvement with respect to helping women attain financial independence. While independent women have made significant strides in savings and financial planning—compared to those women who do not consider themselves independent—nearly 7 in 10 independent women are still behind on the key goals they hope to achieve in the future. Some 61 percent of independent women are behind target on building savings and 13 percent have yet to begin saving at all. Numbers are similarly disturbing for independent women paying off debt: 53 percent are behind their target and 14 percent have not begun to pay down their loans.

“These numbers, especially those representing independent women, are unnerving to read,” says Tracy Marrocco. “Women must learn to not only recognize their independence and worth, but then take the appropriate steps to maintain it and manage it through all of life’s possibilities.”

The annual survey is a key component of Penn Mutual’s Worth® initiative, which targets the vastly underserved women’s market. Worth offers educational resources and tools that advocate women take charge of their financial futures by considering the entirety of their value to home and family. Among these tools is the Worth® Calculator, which allows a woman to measure her true economic value, including often-overlooked contributions like childcare, budget management and homemaking. For more information, go to www.WorthForWomen.com.

About The Penn Mutual Life Insurance Company

Since 1847, Penn Mutual has been driven by our noble purpose to create a world of possibilities. At the heart of this purpose is the belief that life insurance is the most protective, responsible and rewarding action a person can take, and is the key to a sound financial plan. The company is committed to helping families unlock life’s possibilities through life insurance and annuity solutions. This is accomplished through a national network of financial professionals, who help clients make great things possible. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., Registered Investment Advisor and wholly owned subsidiary. Member FINRA/SIPC. Visit Penn Mutual on the Internet at http://www.pennmutual.com/. Access the Worth Calculator on the Worth for Women website: http://www.WorthForWomen.com.

2010 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044

A0JC-0823-04

CONTACT: Barbara Parassio

Karma

(215) 790-7813

Barbara(at)karmaverse(dot)com

Keith Bratz

Penn Mutual

(215) 956-7907

bratz.keith(at)pennmutual(dot)com

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