PLANADVISER - May/June 2018 - 20
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More Save for Retirement
... But few believe they are saving enough
WHEN it comes to retirement savings,
nearly two out of three (65%) U.S.
adults say they save some portion of
their household's annual income for
retirement, an increase of 5 percentage
points since last year, according to
the 2018 Financial Literacy Survey,
conducted by Harris Poll on behalf of
the National Foundation for Credit
Counseling (NFCC).
Despite the fact that most save at
least something for retirement, fewer
than one in five (19%) feel very confident
they are saving enough-and
about three in 10 (29%) reveal they are
not at all confident. When asked what
areas of personal finance worry them
most, the top response was retiring
without enough money set aside (16%),
followed closely by having insufficient
" rainy day " savings (14%).
Despite the fact
that most save at
least something
for retirement,
fewer than one in
five (19%) feel very
confident they are
saving enough.
The survey found that where adults
save or invest their money varies. As in
previous years, 66% continue to use a
savings account, but the use of 401(k)
plans (37%) and investments/mutual
funds (30%) has increased since last
year-from 32% and 26%, respectively.
During a media call
National Retirement Planning Week,
April 9 through 13, Bruce McClary,
vice president of communications at
the NFCC, said men have the highest
levels of financial confidence but are
less likely than women to reach out for
financial advice.
Seventy percent of respondents have
non-retirement savings, but men have
more. Greater than one in three women
have no non-retirement savings.
According to McClary, the survey
shows that Americans of all ages are
TALKING POINTS
Fewer Fixed-Dollar Fees
Sixty-seven percent of defined contribution
consultants charge fixed-dollar fees, down
from 75% last year.
Source: PIMCO, 2018 Defined Contribution Consulting Support and Trends Survey
Getting Social
A growing vast majority (86%) of advisers
who use social media for business report
it has helped them gain clients-up from
80% in 2016.
Source: Putnam Investments
to kick off
Still on the Job
Eighty-eight percent of Millennials say
people in their 20s and 30s will need to
work much longer than have previous
generations to retire with the same level of
financial security.
Source: Prudential Financial
20 | planadviser.com may-june 2018
challenged by financial commitments.
The survey found more this year
having debt in collection or paying bills
late. Further, more respondents were
carrying a balance on their credit cards.
The survey was conducted between
February 28 and March 2, among 2,017
adults ages 18 and older. -Rebecca Moore
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PLANADVISER - May/June 2018
Table of Contents for the Digital Edition of PLANADVISER - May/June 2018
Key Partnerships
Clean Shares' Popularity
The Retirement Purse
The Power of Hosting Events
A New Best Interest Model
Limited Liability of a Trustee
Rollover Recommendations
PLANADVISER - May/June 2018 - C1
PLANADVISER - May/June 2018 - FC1
PLANADVISER - May/June 2018 - FC2
PLANADVISER - May/June 2018 - C2
PLANADVISER - May/June 2018 - 1
PLANADVISER - May/June 2018 - 2
PLANADVISER - May/June 2018 - 3
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PLANADVISER - May/June 2018 - 33
PLANADVISER - May/June 2018 - 34
PLANADVISER - May/June 2018 - 35
PLANADVISER - May/June 2018 - Key Partnerships
PLANADVISER - May/June 2018 - 37
PLANADVISER - May/June 2018 - 38
PLANADVISER - May/June 2018 - 39
PLANADVISER - May/June 2018 - 40
PLANADVISER - May/June 2018 - 41
PLANADVISER - May/June 2018 - Clean Shares' Popularity
PLANADVISER - May/June 2018 - 43
PLANADVISER - May/June 2018 - The Retirement Purse
PLANADVISER - May/June 2018 - 45
PLANADVISER - May/June 2018 - 46
PLANADVISER - May/June 2018 - 47
PLANADVISER - May/June 2018 - The Power of Hosting Events
PLANADVISER - May/June 2018 - 49
PLANADVISER - May/June 2018 - A New Best Interest Model
PLANADVISER - May/June 2018 - Limited Liability of a Trustee
PLANADVISER - May/June 2018 - Rollover Recommendations
PLANADVISER - May/June 2018 - C3
PLANADVISER - May/June 2018 - C4
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