Americans’ Retirement Confidence Down Significantly Since 2007

Americans’ confidence in achieving a secure retirement and their optimism about the country’s financial future have declined significantly during the past five years, according to a new report.

Ameriprise Financial, Minneapolis, Minn., (NYSE:AMP), published this finding in a summary of results from a study (“Money Across Generations II”) that explores how the changing financial needs and attitudes of each of three generations— baby boomers, their adult children and their aging parents—have altered their relationship with money and with each other.

The report reveals that about half (49%) of boomers say they are optimistic about the financial future of the United States, down from two-thirds (64%) of those surveyed for an earlier iteration of the study published in 2007. Only 17% of boomers say they “very optimistic” about their own financial future— a significant decline from 2007 when 39% reported the same.

This skepticism has impacted boomers’ confidence in reaching specific financial goals, including those they are most likely to rate as very important: assuring a secure life for themselves and their family (80% very important) and having enough money to continue their lifestyle after they retire (71%), the report says.

The number of boomers who report feeling very confident about their ability to achieve the following goals has declined significantly since 2007:

Assure a financially secure future for themselves and their family (33% vs. 51%)

  Continue their current lifestyle in retirement (27% vs. 44%).

  Help their children or grandchildren pay for their education (24% vs. 29%).

  Assure a financially secure life for their parents (19% vs. 33%).

Support a charity or cause that’s important to them (18% vs. 29%).