Data & Research April 25, 2007

“Down″ Down Under?

Australia has a private savings system that, by all accounts, is working to the benefit of savers and financial advisers alike – but it doesn’t seem to be making them happy.
Reported by
In fact, a new survey by Beyond Blue and Beaton Consulting found that insurance brokers and accountants are among the most depressed workers in Australia.
Moreover, nearly 5% of people working at actuarial firms, which have the seventh highest proportion of workers suffering from depression, are using drugs and alcohol to try to combat symptoms.
But the profession with the largest percentage of depressed workers was – lawyers. And nearly a third are using alcohol and drugs to deal with the problem.
Overall, the study said that 16% of professionals exhibit moderate or severe forms of the depressive behavior, a rate that’s significantly higher than that of the general population. The study claims that depressed employees cost businesses an average of AUS$10,000 a year each. It also claims that younger professionals have higher rates of depressive symptoms than older professionals.
More than 17,000 people responded to the survey with more than 7500 of respondents working in the ten professions identified as being worst for depression. And here they are, in order:
1. Law
2. Patent Attorney
3. Insurance underwriting
4. Accounting
5. IT services
6. Architectural
7. Actuarial Firm
8. Engineering
9. Consulting
10. Insurance brokering
So, how’re YOU feeling?
Data & Research April 25, 2007

Young Adults Interested in Planning for Retirement

As the understanding that the safety net of Social Security might not be there in the future, young adults seem poised to prepare for their post-working years.
Reported by
In fact, half of investors between the ages of 18 and 24 are currently saving for retirement, with almost another third of them (30%) saying they plan to begin such saving in the near future, a recent survey says.
According to the survey by YOUNG MONEY magazine, America’s young investors are far more interested in saving for their retirement (32%) than in saving for a house or a car (7%), saving for college (3%), or paying off debts (1.4%).
Of those in the online poll who said retirement was their number one goal, 56% were women.
In addition to being aware of their need to save for retirement, these young adults also seem aware of the need to be financially savvy now: about half of the 1,000 respondents, with an average annual salary of $45,000, follow a budget.

«