Consumers may be avoiding some parts of the dangerous river called “De Nile” but continuing to get stuck in other parts.
Analysts at the Hartford Financial Services Group Inc., Hartford (NYSE:HIG) and researchers from the Massachusetts Institute of Technology (MIT) AgeLab presented fresh survey data on consumer denial Tuesday at a press conference in New York.
The team commissioned a polling firm to conduct a telephone survey of 1,964 U.S. residents ages 45 years and older who have retired in the past 2 to 10 years or plan to retire in the next 2 to 10 years.
The team asked about general views on aging, retirement income needs, retirement expectations, and related topics of interest to companies, government agencies and other data users with an interest in meeting the needs of older consumers.
Consumer denial about the need for long-term care (LTC) and long-term care insurance (LTCI) is the stuff of many LTCI surveys and articles.
The survey team found evidence that the survey participants were in more denial about some health-related topics than others.
The team found that most participants said they value their health more than they value their wealth. About 40% of the pre-retirees and 41% of the retirees said the idea of having “health or medical issues” is they one thing they most worry about impacting their retirement.
The risk of having serious health problems was the top-ranked concern.
For both groups of survey participants, about 25% ranked “running out of money” as the biggest fear, and 12% ranked a spouse or significant dying first as the biggest fear.
LTC concerns trailed far behind: Only about 10% of the survey participants ranked caring for a spouse or other family member as the biggest concern.