Another round of consumer surveys this week found most Americans optimistic (though not about retirement) and content with their leisure time — during which they are apparently worrying about… you guessed it.
First there was Lincoln Financial Group’s latest Measuring Optimism, Outlook and Direction (M.O.O.D.) of America Survey, which found that most (81%) individuals surveyed feel optimistic about their financial future, up 13% from 2011, the first year the study was conducted. Nearly three in five (59%) expect that their financial situation will improve in the next year. That is nearly twice the number in 2011, when just 33% expected their financial situation to improve.
They may be feeling better, but still only one in five Americans feel “very prepared” for retirement, protecting their wealth and handling income disruptions of varying durations. Barriers include a sense of feeling overwhelmed by the options for insurance coverage (70%) and retirement planning (67%), as well as the need to prioritize short-term expenses (65%). Just 37% of Americans use advisors as a source of financial advice — though that is more than are turning to online search and spouses/significant others.
Leisure ‘Suits’
A new survey by GfK finds that nearly seven in 10 (69%) U.S. consumers consider themselves at least “fairly satisfied” with their leisure time, beating the global average by 11 percentage points. These results place the U.S. on the top of the satisfaction scale, with Canada trailing at 67% and Sweden in third at 57%. GfK found that 25% in the U.S. say they are “completely satisfied” with their amount of time off — nine points above the global average.
Among American workers, those age 60 and older were most likely to be satisfied with their time off, with 44% “completely” satisfied (another 42% were “fairly satisfied”). The widest satisfaction gap was between the age 60+ (44%) and age 15-to-19 (15%) groups, according to the online survey.
Worry ‘Warts’
And then there’s a new survey by E*Trade Financial which indicates that “not having enough saved for retirement” is something that nearly a third (30%) of Americans worry about “always” or “frequently,” tied with the loss of a loved one as the biggest worry.
As for what is hindering their saving for retirement, health care costs (45%) were cited most often, followed by rent or mortgage (38%), wanting to live for today (37%), and day-to-day living expenses (35%).
