Cultural differences impact retirement planning, preparedness: Study
By Paul Wilson
ProWEB Wire (Industry News)
Although Americans share many obstacles when it comes to retirement planning, cultural differences often lead to distinct experiences, according to a new study from a new study from ING.
The study, “Retirement Revealed,” found that while retirement planning is intimidating for the majority of Americans, confidence varies among different ethnic groups.
Hispanics felt the least prepared, with 54 percent describing themselves as “not very” or “not at all” prepared. Meanwhile, one-half of African-Americans, 48 percent of white and 44 percent of Asian respondents said they are not prepared for retirement, the study said.
The average balance in respondents’ employer-sponsored retirement plans was $69,000. Hispanic respondents reported the lowest average balance ($54,000) while Asian respondents reported the highest average plan balances ($81,000).
"All Americans face the growing responsibility of planning and saving for retirement. However, there are distinct cultural differences that may affect some groups more than others when it comes to getting or staying on the right path," said Maliz Beams, CEO of ING U.S. Retirement.
Almost three-quarters (73 percent) of those surveyed said they faced barriers to saving. African-Americans listed debt as their biggest barrier, while Hispanics cited a lack of knowledge about their savings options as a barrier to savings.