Americans are more focused on proper retirement planning, possibly because of the recession’s impact on their parents, according to a new survey.
The monthly Financial Security Index survey by Country Financial, Bloomington, Ill., found that 51% of those familiar with their parents’ finances say they are thinking more deeply about their own retirement planning after seeing how the recession affected their parents.
Of those surveyed, 71% believe they will experience a similar recession by the time they reach their parents’ current age.
Country Financial found 31% think their financial situation in retirement would be the same as their parents, while 29% think it would be worse. Among those aged 40 to 49, 67% think their financial situation would be the same or worse than their parents.