Women And Hispanics Among Those Most Worried About Financial Future

Women, millennials, Hispanics and caregivers are most worried about their financial future, a new survey has found.

Across all the demographic segments, the most important financial goal was to have enough savings to last through retirement. That was followed by having enough to pay for future health care expenses and keeping up with current expenses, the survey found.

The results are contained in Prudential’s first Financial Wellness Census released Monday. The survey found:

*A split between Americans who are financially healthy and those who are struggling, with 46 percent of respondents are doing better than average based on levels of income, savings and other assets, while 54 percent are doing worse than average.

*52 percent of women are very worried about their financial future, compared to 41 percent of men.

*56 percent of millennials, 53 percent of Generation Xers and 33 percent of baby boomers are very worried about their financial future.

*58 percent of Hispanics, 52 percent of African-Americans, 48 percent of Asians and 46 percent of whites are worried about their financial future.

*56 percent of caregivers are very worried about their financial futures compared with 55 percent of disabled.

*53 percent of Americans who perceive themselves to be financially confident are working with a financial professional, compared with 40 percent those who perceive themselves as pessimists.

*75 percent identified having enough savings to last through retirement was a key financial goal.

*73 percent said having enough to pay for health care needs was their top financial goal.

*72 percent pointed to keeping up with current expenses as their most important goal.

The survey blends objective measures of Americans’ financial health such as what they earn, own and owe, with more subjective yardsticks like their financial outlook and how confident they are of reaching their financial goals.

The research was released as part of Prudential’s “The State of US,” a national branding campaign that explores Americans’ relationship with money.

Chadwick Martin Bailey on behalf of Prudential polled 3,013 adults ages 25-70 between Sept. 20 and Oct. 9, 2017.

InsuranceNewsNet Senior Writer Cyril Tuohy has covered the financial services industry for more than 15 years. Cyril may be reached at cyril.tuohy@innfeedback.com.

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