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Boomers beleaguered but still optimistic about financial well-being
In spite of market volatility and financial challenges, hope springs eternal
| MINNEAPOLIS (Nov. 10, 2008) – Despite historic market turbulence that has pounded 401(k) plans and retirement savings, American baby boomers surveyed Oct. 20-23 still believe their long-term financial health will be just fine. But the outlook isn’t all rosy.
In a national survey of 947 American adults, age 45 to 64, conducted for Thrivent Financial for Lutherans, a Fortune 500 financial services organization, three in five baby boomers (60 percent) responded that they are optimistic about their personal long-term financial well-being. It wasn’t just well-to-do boomers who were hopeful, either. Nearly half (45 percent) of boomers with incomes of less than $25,000 expressed optimism about their long-term financial futures, while 61 percent of those earning $25,000 to $49,999 said they were optimistic about their finances. Despite the positive long-term outlook, the survey also found that the market turbulence of late has taken a definite toll on boomers.
“Optimism and pessimism about retirement finances seem to have gained equal footing within the psyche of boomers,” said Jane Zilch, vice president of distribution strategy programs for Thrivent Financial. “Despite the urge to hit the panic button, boomers need to remember that their retirement will last longer than that of their parents. Protect yourself now, but don’t lose sight of longer-term goals.” Unfortunately, many boomers may not have specific financial strategies in place to reach their goals. Just three in 10 surveyed (29 percent) reported working with a professional financial representative to assist them with their finances. However, those working with a professional were more likely to be optimistic about their long-term financial health than those working alone (70 percent versus 55 percent). Market worries have also affected boomer behavior, according to the survey. The findings do not bode well for holiday spending, travel and even charitable giving.
“Keeping the proper prospective during these volatile economic times is important,” added Zilch. “Talking with a financial professional and talking with loved ones can definitely help the situation. Remember, history has shown us that everything is cyclical, and this, too, shall pass.” About the Thrivent Financial Market Volatility Survey Data for this survey was collected via eNation online interviews by Synovate. Interviewing took place between Oct. 20-23, 2008, among a nationwide cross section of 947 U.S. adults age 45 to 64 of whom 47 percent were male and 53 percent were female. About Thrivent Financial for Lutherans Thrivent Financial for Lutherans is a Fortune 500 financial services membership organization helping nearly 3 million members achieve their financial goals and give back to their communities. Thrivent Financial and its affiliates offer a broad range of financial products and services including life insurance, annuities, mutual funds, disability income insurance, bank products and more. As a not-for-profit organization, Thrivent Financial sponsors national outreach programs and activities that support congregations, schools, charitable organizations and individuals in need. For more information, visit www.thrivent.com. -END- 200805023 |
| Contact Information: | |||||
| Brett Weinberg Director, Public Relations brett.weinberg@thrivent.com Phone: (612) 844-4272 | Dave Rustad, APR Senior Media Relations Specialist dave.rustad@thrivent.com Phone: (612) 844-7037 | Stacy Eckes-Borys Senior Media Relations Specialist stacy.eckes-borys@thrivent.com Phone: (920) 628-2445 | |||
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