Some Americans—well, quite a few, actually—are deluding themselves about how, when and whether they'll be able to retire.
Many are completely clueless about how they're doing when it comes to money -- with some actually thinking they're pretty well off when the truth is that they're not. Those are just a few of the findings in the new Prudential Financial Wellness Census, which categorizes respondents into four basic groups:
- Confidents: those who are doing well financially and believe that they are (34 percent)
- Pessimists: those who are doing well financially but don't think they are (12 percent)
- Idealists: those who think they're doing just fine, when they actually aren't (16 percent)
- Discouraged: those who know they aren't doing well when it comes to money (37 percent)
More people are having a tough time than are doing well
Those whose finances are in good shape—the Confidents and the Pessimists—make up 46 percent of respondents, while those who are lagging financially—the Idealists and the Discouraged—constitute 53 percent.
And considering that the typical American has zero retirement savings, according to the National Institute on Retirement Security, it's a wonder there are any Idealists at all.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
