Yesterday’s USA Today featured a study commissioned by the Consumer Federation of America and Certified Financial Planner Board of Standard, which revealed that more households are struggling financially than 15 years ago.
I’m not shocked by this “revelation.” Talking to one of my favorite bloggers, Len Penzo (from the aptly named Len Penzo dot Com) a couple weeks ago, Len commented that a “big” financial blogger is lucky to find 700-800 unique visitors per day. I know that financial blogs don’t always have the money answers, but on a recent visit to web-traffic website Compete.com, I saw that another favorite, humorist writer The Bloggess receives about 1400 unique visitors a day.
So, using my extraordinary math and non-scientific research skills, it appears that about double the number of people enjoy humor during their day than seek out financial management techniques and discussion.
Are we really worried?
People sometimes think that financial plans are for the rich. “I don’t have money to plan,” you may be telling yourself right now. But how can you get out of debt if you don’t plan your financial future?
The survey shows that when low-income families put together a financial plan, they’re able to stay out of debt and pay credit card bills in their entirety. However, only 31% of people surveyed have put together a financial plan (with or without an advisor’s help).
31%? And the headline reads that we’re “worried about retirement?”
More evidence of financial ennui from the study: more people are living paycheck to paycheck, less are saving toward their college-bound children’s education, less can retire at age 65 and more think they won’t be able to cover basic expenses in retirement.
It sounds like we have big financial headaches and 69% of people aren’t attacking the problem.
Normally, I’m a “glass half-full” kind of guy. However, in this case, I think the headline “Americans Worried About Retirement” should be replaced with “Americans Screwed and Not Doing Much About It.”
I’m glad you’re visiting today to be the few…the proud…the 31%!
Captain America photo: Gage Skidmore
Let’s vote: Glass half full? Half empty?
i think that most folks probably WANT to have a plan for their retirement, but don’t see a reasonable way to fit it into their budgets..
it’s too bad.. if they could unload their debt, they could be putting that portion of their budget that goes to Citibank and Chase Morgan to good use.
I just so happened to read this article this morning and I thought I was going to throw up. I think I had the same reaction you did.
Americans are worried about retirement? No shit…
Although, not worried enough.
People don’t think about it because it is uncertain and it scares them… that’s my guess. I am glad to be part of the 31%… although I thought you could get more uniques than that a day if you were huge…
Huhuhuhu.. I’ve read untill last word ..
Too short description about the title..
Okay I just give my opinion..
Not only American, I think all people around the world worried about retirement because we dunno how much money we need when we retired or how long our life ..
It effect on our financial in the future. that’s why most of us worried..
about the unique visitor.. I think there’s many competition in financial blog and we need to do find our advantage.. Okay, my blog unique visitor is only 50 per day.. Need to increase it..
p/s :- Sorry if there’s many grammatical error.. this is my first time visit your blog
1st-I’m a big fan of Len 🙂
2nd-I wrote a story on just this topic, retirement (and help too) for Benzinga.com.
3rd-Folks have got to get over their fear, spend less, and save more. Wow, that sounds a bit too platitudinous, but unfortunately, there’s no retirement pill.
It annoys the crap out of me that so many people struggle and aren’t willing to do anything about it. However, coming from that situation myself I am of the belief that when people don’t understand and know how to get out of their situation, and turn their financial lives around, then they don’t believe there is a way (therefore they do nothing). You don’t know what you don’t know. The true issue here is simply a lack of knowledge on so many peoples’ behalf. The stats are terrible and there is no question people need help, but figuring out how to help them see the light is a totally different hurdle to jump.
As Jefferson said, I think a lot of people recognize the problem but they just can’t fit it in their budgets to save for retirement. Debt comes first and if you have a higher interest rate that accrues interest regularly, I’d obviously throw as much as I can towards debt. As for having a financial plan, I think more people need one and it doesn’t matter if you have debt or can contribute to retirement. Planning is the key to success – it’s never failed me, and it never hurts to plan. When you take your future into consideration, your outlook on today may change and benefit you much more in the long run.
I think a lot of people misinterpret the problem. When they live paycheck to pay check or see they have zippo saved for retirement, most people chalk it up to not earning enough. They think they have an income problem and not a spending problem. Couple that with the fact that for many a financial plan consists of buying a lotto ticket and you see how we end up here.
Hmmm… that kind of makes me sound like a “glass half-empty” kind of guy, doesn’t it? 😉
Nearly 70% are in denial! Mo matter what your earnings, it is possible to live with in your means and save for retirement. Your savings may start off small when you’re earnings are small, but you must start somewhere.
Worrying about something doesn’t change anything. We need people to be concerned + educated + willing to take action. When all three come together cool stuff happens with their finances and consequently their life.
Hey, 31% is not a bad going! Also retirement is something very easy to worry about – worry in the classical sense of this word where you have sleepless nights, then get up in the morning, go shopping (thinking, well this is only $20 and my problem is much bigger than that; go to bed and have another sleepless night. Or discuss how screwed you are over coffee (yeah, some people do that as well). Worrying usually prevents ‘doing’; the reverse is also true – doing gets rid of worrying.
People spend more time reading gossip magazines and watching soap opera than to think and plan about their financial future. No wonder that more people love to depend on our government to take care of their basic needs. I am bit surprised about the unique visitors count for top PF bloggers though. I was expecting the count to be much larger.
Ha! AMericans are screwed and aren’t doing anything about it. And the thing is, it’s so easy. Especially if you have no money. You just sit down one night with the family, whip out a calculator, pen and paper, and figure out what the deal is. What have you got? WHat do you need? Where do you want to be? Easy as can be. Well, I say that, but my wife actually is in charge of all that stuff for us. And she does a great job. 🙂
Much needed topic must say. Most of the Americans are worried about not having enough money for retirement (66%) than are worried about several other financial matters. Majorities of Americans, however, are also very or moderately worried about not being able to pay medical costs for a serious illness or accident and about not being able to maintain their standard of living. Lets see when and how we get a solution to this enduring problem. Thanks for sharing.
Jennifer Goldblum
Americans during retirement years,worried about their finances? This is the time where you just sit back relax and enjoy the fruit of your labours.What they need is the best financial planner so they can set their worries aside.