The thought that I might end up as a bag lady some day occasionally creeps into my head. Apparently, I am not alone.

Despite economic gain and the number of women in the workforce nearly doubling in the second half the last century, women feel financially insecure, with nearly half worrying about becoming a bag lady, according to a new study, Women, Money and Power, conducted by Allianz.

There are one-third more women graduating from college than men--so says the Department of Education. And women's median income has increased over 60 percent in the last 30 years, says Marti Barletta in her book, Marketing to Women.

Yet women still have chronic anxiety about finances. Despite the fact that the number of women earning $100,000 and more has quadrupled in the last decade, according to the U.S. Census, women are worried they'll end up living under a bridge.

It is true--women are more educated, more involved in financial decisions and control more of the wealth then ever before. Yet 90 percent of those surveyed said they feel somewhat or not at all financially secure, with half of them afraid they'll lose all their money.

This nonspecific fear of financial ruin and angst of losing financial footing has led to some good things, though, says Liz Perle in Money, A Memoir: Women, Emotions and Cash, who also has a fear of ending up "shuffling around in bedroom slippers pushing a shopping cart down an alley."

Although not rational, her fears "pushed me to work hard, which propelled me into some good jobs, which in addition to nice salaries, gave me a sense of identity, some freedom and extended periods when I felt pretty good about myself."

Her anxiety also put money in an IRA and enough for a down payment on a house.

"I've always paid my way," she says, "not just out of financial need but because emotionally I've needed the freedom that a decent income ensured me."

None of this, though, made a dent in her anxieties.

She also admits to her tendency toward "erratic fiscal behavior" like not balancing her checkbook, leaving well-paying jobs just because she hated them, not changing her IRA portfolio from "all those tech stocks I'd invested in hoping to get rich quick."

Although embarrassed by this behavior, she says she has "stubbornly refused to examine it, instead choosing to pin my hopes on that white knight, dream job, unknown dead rich uncle or winning lottery number that would rescue me."

Perle says she made a quiet contract with cash, doing "what it took to get it--work hard, marry right--but I didn't want to have to think about it." She adds, "I've left my emotions about money--the fears and ambivalences--largely unexamined… maintaining "a remarkably constant approach/avoidance relationship with this most fundamental part of my life."

She says she simply wanted to know she would be financially secure.

The study says that women's lack of knowledge is the their biggest barrier. According to the Allianz survey, many women say they want less worry and more security and predictability. They also want easier access to understandable financial information.

It's clear, that many women need to think about money and examine their emotions related to it which in turn, affects smart career choices. They also need to work with someone who can make financial information understandable.

Interestingly, another finding of the survey shows they are more than twice as likely as men to choose to work with a female financial advisor. However, 80 percent of financial advisors are men.

Searching for a new career, ladies? It seems as though the world could use more women financial advisors.

© by Andrea Kay