Penn Mutual launches finance company for women
The Horsham life insurance firm created myWorth, a company that will provide women the tools to take charge of their financial futures.
HORSHAM — The Penn Mutual Life Insurance Co. has launched a new company dedicated solely to women and their finances.
MyWorth is meant to bridge the confidence gap between women and their money by bringing them the resources they need so they can take charge of their financial futures, the company said.
“A watershed moment is upon us and it is likely that history will remember this as the time when women found their voices and realized just how powerful they really are,” said Ande Frazier, head of vision and brand at myWorth, in a statement. “By partnering with women to navigate life’s moments by offering them advice, education and a sense of community, the dreaded words of ‘financial planning’ will actually make them feel strong, secure and proud.”
According to a recent Gender Gap in Financial Literacy study, 90 percent of women will be solely responsible for navigating their finances at some point during their lifetime. In addition, women have a unique set of financial hurdles including longer life expectancy and career interruptions due to family responsibilities such as child rearing and aging parents, which have an impact on their savings and financial decision making. They often express a lack of financial preparedness, and the intention behind myWorth is to provide a community where women can arm themselves with advice and education during all of life’s events – from divorce and widowhood to a new child and job change.
“Today many women take great pride in the success they have achieved in managing their households and their career,” said Penn Mutual chairwoman and CEO Eileen McDonnell. “We believe that by engaging with myWorth, these women can also take charge of their personal finances confidently and achieve the most in life.”