the majority of Americans believe preparing for retirement is important, a new
study by The Guardian Life Insurance Company of America suggests that most lack
adequate savings and long-term financial plans.
firm’s study of financial and emotional confidence found that nearly 60% of
Americans prioritize having at least one source of guaranteed income in retirement
outside of Social Security benefits. However, less than one in four report
feeling very confident in any aspect of their retirement finances. Moreover, the survey
found 52% of respondents said building savings is a major priority, but more
than two-thirds say they don’t describe themselves as living within their
means. Forty-seven percent prioritized having a solid, long-term plan for
achieving financial goals, but 81% don’t feel that they have one.
78% of working American families are stressed and worried about their financial
future, regardless of age, gender, income or other demographics, Guardian
these and other findings, Guardian created a Financial Confidence Quiz. This assessment
places participants into a set financial-confidence segment based on their
answers to finance-related questions. It also offers tips on how to change
behaviors in order to take hold of their financial lives and improve their
segments were identified as follows.
- Day-to-Day Decision-Maker:
Generally stressed and struggling with finances – In the study this segment
included the highest proportion of women and Gen X;
- Ambitious Spender: Stressed but
coping – Small business owners comprised a large segment of this category in
- Retirement Realist: Fearful of
the future, with an above-average emphasis on savings and having adequate
- Confident Planner: Very positive
on work/life balance. Study participants in this segment placed an
above-average emphasis on retiring with a secure income, and making good
investment decisions, leading to a higher degree of overall life satisfaction
than the other segments.
NEXT: Behaviors that can increase retirement confidence