ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Monday, November 4, 1996 TAG: 9611060014
SECTION: MONEY PAGE: 6 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
HAVE you ever cried over the problem of managing your household finances?
Cheer up, because you are not alone. A nationwide survey of 1,000 adults conducted for Lutheran Brotherhood found that one in five Americans - 20 percent of the population - has lost control of his or her emotions by, for example, crying over their financial situation.
Lutheran Brotherhood, based in Minneapolis, sells life and health insurance, annuities and other financial products and services to more than a million Lutherans nationwide. It also provides options for charitable giving.
The group said few people have explored credit or budget counseling for their financial situation. Fewer still have asked for help from a clergyman, psychiatrist, psychologist or therapist for their financial stress.
In fact, the group said, only one out of 10 Americans has tried budget or credit counseling, and only 3 percent have sought professional help.
Cathy Kinyon, an estate planning specialist at the brotherhood office, said the survey results show that women, especially, need to look at how much they're saving.
"Delayed marriage, high divorce rates and a longer life span mean most older women will live alone at some point in their lives," she said.
Kinyon said women can secure a comfortable future for themselves and their families by meeting with a financial expert and investing wisely.
Richard Giessler, who represents the Lutheran Brotherhood at an office at Floyd, estimated that women constitute only about 25 percent to 30 percent of his customers for mutual funds and annuities.
But he said he has noticed a change in the last year because his clients, both men and women, are more willing than in the past to take some investment risk. "When women are single for any reason," Giessler said, "they want to beat inflation." He said people today read newspapers and magazines and are sophisticated about investing.
Even so, he said, the majority of people are "risk shy."
The brotherhood said Americans may be comforted about their financial situation because many are satisfied with their financial well-being.
The survey, which was conducted by Louis Harris & Associates Inc., showed that nearly a third of the respondents, or 30 percent, reported they have enough money for all they want and need. Three percent even said they have more than enough money for all they want or need.
Of those who said they have more than enough money, 53 percent earn more than $50,000 a year.
On the other hand, nearly half of those questioned, or 49 percent, said they have enough money only for necessities, but not for all they want.
And 17 percent reported that they are struggling to get by. Of those struggling, 61 percent are women and 39 percent are men.
How do Americans feel about managing their money?
The Lutheran insurance company found that 65 percent of them viewed it as a necessary chore. Two out of 10 found the task to be enjoyable, while 13 percent considered managing money to be a burden.
Those most likely to enjoy managing their money, or 28 percent, were age 65 or older. Money management is most likely to be called a burden by those earning less than $25,000 (15 percent), and those with children (15 percent).
For many of those responding, money management doesn't include a lot of saving or investing.
Eighty-two percent said they either save or invest some or very little money, while only 14 percent said they save or invest a substantial amount of money.
Not surprisingly, the brotherhood said, those who said they invest the most earn $50,000 or more.
More men than women report saving or investing a substantial amount of money, 18 percent versus 10 percent. At the same time, more women than men reported saving or investing very little money, 43 percent versus 34 percent.
LENGTH: Medium: 72 lines ILLUSTRATION: GRAPHIC: Stinson. color.by CNB