Genworth      Print Page    Close Window

Press Release



Women Bear Greater Share of Long Term Care Risks and Costs According to Genworth Financial Study

Women Face 60 Percent Greater Chance of Entering a Nursing Home Than Men

In 7 Out of 10 Instances in America, Women are the Care Providers in Unpaid Long Term Care Situations

RICHMOND, Va., July 18 /PRNewswire-FirstCall/ -- A study by Genworth Financial indicates long term care impacts women, both as care providers and recipients, more profoundly than men.

Genworth's study, The Impact of Long Term Care on Women -- An Analysis of Women as Care Providers and Care Recipients, found women were 60 percent more likely than men to enter a nursing home at some point in their lives. It also documented that women may experience large financial sacrifices in their roles as America's predominant unpaid care providers. The new gender-specific long term care research was presented to the Congressional Women's Caucus in a Capitol Hill briefing today.

National polling data compiled by Public Opinion Strategies on behalf of Genworth showed that 67 percent of adult American women respondents have provided long term care to someone in need. The complete report is available at Genworth.com.

"With the first wave of America's 77 million baby boomers turning 60 this year, it becomes more critical for both men and women to seriously evaluate the lifestyles they would like to maintain as we live well into our 80's, 90's and beyond," said Colleen Goldhammer, Genworth's senior vice president, long term care. "Long term care planning is a family issue. And preparedness includes planning for the care that loved ones may need. As this new research indicates, women especially need to evaluate and address what has been revealed to be a gender-specific, disproportionate share of the long term care challenges that come with today's greater longevity."

Key findings of Genworth's study of the impact of long term care on women include:

    * Estimates suggest there are around 23 million unpaid care providers in
      the U.S.  Seven in ten are women.

    * Nearly one in five unpaid caregivers (19 percent) in America provide
      "constant care" of at least 40 hours of care per week.  Of those who
      provided constant care, 80 percent are women.

    * Women 65 years or older today have a 44 percent chance of entering a
      nursing home at some point in their lives compared to 27 percent of men.

Genworth is the leading provider of long term care insurance in the United States, which it sells through Genworth Life Insurance Company and Genworth Life Insurance Company of New York. The company also is a sponsor of the Alzheimer's Association.

About Genworth Financial

Genworth Financial (NYSE: GNW) is a leading insurance holding company, serving the lifestyle protection, retirement income, investment and mortgage insurance needs of more than 15 million customers, with operations in 24 countries, including the U.S., Canada, Australia, the U.K. and more than a dozen other European countries. For more information, visit http://www.genworth.com.

SOURCE Genworth Financial

CONTACT: Media: Neal McGarity, +1-203-708-3460,
Neal.McGarity@genworth.com, or
Investors: Alicia Charity, +1-804-662-2248,
Alicia.Charity@genworth.com,
both of Genworth Financial, Inc.