It's no surprise that Americans are worried about money. But a new survey has found that close to half are afraid they'll run out of money in retirement.
The survey from Fifth Third Private Bank found that, in addition to being afraid they'd outlive their retirement savings, respondents shared lots of additional worries about money and the future. Many apparently feel overwhelmed by the whole issue of managing their money; 43 percent said that managing their finances has gotten more complex over the past five years.
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That complexity apparently translates to a lot of additional effort, productive or not; almost half of respondents said they spend anywhere from one to five hours every year just trying to research, organize and calculate their overall financial picture.
And they're not confident about how well they're doing with that, either; only 28 percent said they felt completely confident that the way they were going about the process gave them an accurate end result.
If they spend so much time trying to figure things out, they're pretty sure that their dependents would have an even harder time; 30 percent said they couldn't be sure that their dependents could find, or even get to, all their important and legal documents easily.
And from that it kind of follows that only one out of four feels more optimistic about their financial future than they did a year ago.
Then there's outsourcing; more than a third of respondents use two or even more advisors to help them manage their financial activities.
"The study confirmed the anxiety that clients have shared with our advisors is reflective of similar concerns nationally," Phil McHugh, executive vice president and head of wealth and asset management at Fifth Third, said in a statement. McHugh added, "Much of that anxiety stems from a lack of clearly articulated financial goals and alignment around achieving them."
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