Becoming a 'Bag Lady' a Real Fear for Many US Women - East Idaho News
Business & Money

Becoming a ‘Bag Lady’ a Real Fear for Many US Women

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Getty 111010 StressStock?  SQUARESPACE CACHEVERSION=1364463668488Jupiterimages/Thinkstock(NEW YORK) — There’s no question American women have seen their professional and financial fortunes rise since the 1960s even if they haven’t yet achieved the same consistent level of pay and positions of stature as their male counterparts.

A poll by Allianz Life Insurance Company of North America suggests that in spite of the confidence many women now have as they gain financial independence, there’s also an underlying fear of sudden and devastating economic ruin.

In fact of the 2,200 survey respondents aged 25 to 75 with a minimum household income of $30,000 a year, 49 percent say they’re concerned of becoming “a bag lady” — someone living on the street with virtually no means of financial support.

This anxiety exists even as 60 percent of women now say they’re the breadwinners in their households while more than half manage their family finances.

Fifty-six percent of single women, 54 percent of divorcees, 47 percent of widows and 43 percent of married women all admit to a fear of suddenly become destitute.

Even more surprising is that just over one in four women earning more than $200,000 have that “bag lady” phobia.

It also seems that with greater financial rewards come greater anxiety of how others perceive them.  Forty-two percent of the respondents said they believe that financially independent women intimidate men and about 30 percent think that even other women find it hard to relate to those of their own gender who achieve some economic success.

Copyright 2013 ABC News Radio

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