Although Americans of all backgrounds encounter similar barriers to saving and planning, cultural differences account for disparate experiences among groups, according to a study released Thursday by ING Retirement Research Institute.
The study reported that all populations found retirement planning to be a daunting task. However, Hispanics felt the least prepared, with 54 percent saying they felt "not very" or "not at all" prepared. This compares with 50 percent of African-Americans, 48 percent of white and 44 percent of Asian respondents who said they did not feel prepared.
These results correspond with the amount saved in employer-sponsored retirement plans, with Hispanic respondents reporting the lowest average balances ($54,000) in their retirement plans, considerably less than the average balance across all groups ($69,000). In contrast, Asian respondents reported having the highest average plan balances ($81,000).
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Michael S. Fischer
Michael S. Fischer is a longtime contributing writer for ThinkAdvisor. He previously reported on trade and intellectual property topics for the Economist Intelligence Unit and covered the hedge fund industry for MARHedge and Reuters News Service.
