Poll Finds Execs Hard-Hit by Tough Economy

February 6, 2009 (PLANSPONSOR.com) - A new survey by a jobs Web site catering to executives found 86% say their shrinking retirement savings will mean working longer, with an average delay of 7 ½ years.

A Reuters news report said the survey by TheLadders.com, a service catering to those making more than $100,000 per year, found that many responding executives were being forced by the economy to dip prematurely into retirement savings or their college funds.

Reuters said the survey found:

  • 40% of those polled say they were forced to use retirement savings to weather the recession.
  • 58% say they stopped contributing to their 401k retirement accounts altogether.
  • Half of the executives say the recession would limit their children’s college prospects and 40% say they stopped investing in their children’s college savings accounts.

“Nobody’s been spared,” said Robert Turtledove, spokesman for TheLadders.com, in the news report. “This is investment-savvy, smart-managing, high-earning executives. It’s not a knee jerk reaction. I think it’s saying that wherever you are, this is impacting everybody.”

The survey covered 1,162 executives.