Feb 06, 2012
--- Fifty-four percent of Hispanics report they feel
“not very” or “not at all” prepared for retirement. ---
A study commissioned by the ING
Retirement Research Institute, called “Retirement Revealed,” examined the attitudes,
behaviors and preparedness of different ethnic groups, including
African-Americans, Asians and Hispanics, regarding their future retirement.
According to the study, all
populations found retirement planning to be a daunting task. The study
found 50% of African-Americans, 48% of white and 44% of Asian respondents feel
they are not prepared for retirement.
These feelings correspond with the
amount saved in employer-sponsored retirement plans, where Hispanic respondents
reported having the lowest average balances ($54,000) in their retirement
plans. This amount was considerably less than the average balance across all
groups ($69,000). In contrast, Asian respondents reported having the
highest average plan balances ($81,000).
Other key findings from the study
include:
Financial Information
- Non-whites were more likely than whites to get their
investment information and guidance from the Internet and media.
African-Americans (54%), Asians (53%) and Hispanics (50%) indicated that
the media and Internet were the primary source of getting advice and
guidance compared to 45% of white respondents.
- Whites were more likely to use a financial
professional.
- While nearly one in three (28%) of overall respondents
work with a financial professional, only three-quarters (75%) of this
group indicated their adviser looks at their complete financial
picture.
- Face-to-face communication with a financial
professional is ranked the highest in terms of value provided in getting
information about their retirement plan and other employee benefits.