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Data & Research March 17, 2011
Schwab Survey Finds Charity to be High on Priority List
Seventy-nine percent of respondents to a Charles Schwab poll
cite charitable giving as a priority, outranking a surprising number of other priorities.
Reported by PLANADVISER staff
The quarterly Charles Schwab retirement survey asked respondents age 50 and over to rank their priorities on the path to retirement. First on the list of priorities is preserving savings (86%), but charitable giving outranked managing debt (77%), saving for the future (73%), owning a home (71%), building an emergency fund (66%), and helping children financially (61%).
“We know that investors want to be fit financially, but they also want to help others do well by giving back to support their communities,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab.
Schwab also found that the majority of boomers see paying off their mortgage as an important goal and milestone in reaching retirement. Sixty-three percent of investors age 50 and older have either already paid off their mortgage or are planning to do so before they retire.
However, the difference in the cost of living and housing in metropolitan and outlying areas reveals a logical gap; 53% of those who live in less developed areas are more likely to have a mortgage that is paid off as compared to 39% of metropolitan residents.