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Seniors and Boomers Confident About Their Finances

Wed, 05/17/2000 - 12:00am — Karen Stevenson
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AARP's Modern Maturity Magazine just released the results of a new survey, called "Money and the American Family." This survey explored the attitudes of Americans about money and wealth. Survey results were stratified by age, gender, and ethnicity. Generally, respondents were very optimistic about their financial situation. 69% of respondents felt they were better off than their parents, and 67% expect that their children will ultimately be better off than they are.

Respondents also seemed to be planning for the future. 75% said they are saving for the future, and 62% of those who are saving are doing so to provide for their retirement. They reported extremely high savings levels. Nearly 50% said they were saving between 10% and 20% of their income, and 17% said they are saving over 20% of their income. Even with that high level of reported savings, 58% felt they were not saving enough.

Respondents also had relatively modest expectations about what it would take to make them wealthy. Over 50% would feel wealthy with an income of $100,000 or less, and assets of $500,000 or less.

AARP's Modern Maturity Magazine just released the results of a new survey, called "Money and the American Family." This survey explored the attitudes of Americans about money and wealth. Survey results were stratified by age, gender, and ethnicity. Generally, respondents were very optimistic about their financial situation. 69% of respondents felt they were better off than their parents, and 67% expect that their children will ultimately be better off than they are.

Respondents also seemed to be planning for the future. 75% said they are saving for the future, and 62% of those who are saving are doing so to provide for their retirement. They reported extremely high savings levels. Nearly 50% said they were saving between 10% and 20% of their income, and 17% said they are saving over 20% of their income. Even with that high level of reported savings, 58% felt they were not saving enough.

Respondents also had relatively modest expectations about what it would take to make them wealthy. Over 50% would feel wealthy with an income of $100,000 or less, and assets of $500,000 or less.