Workers Fret about Outliving Savings
A news release from The Hartford said almost half of those surveyed (46%) say they’ve upped their savings compared to a year ago, with nine out of 10 saying they’re saving at least as much as last year. Of those who say they’re saving more:
- 65% cited a raise in salary as the reason
- 49% decided to contribute a greater percentage of salary
- 4% claimed they have become more concerned about retirement savings
- 12% said they had become more active in following the market
- nearly 70% of respondents say they look for investments that can provide guaranteed income for life.
Investors say that historical performance is by far their most important consideration when choosing funds in which to invest. Forty five percent ranked historical fund performance as most important, while 22% ranked it second on their list. Some 12% of respondents said fees were most important.
The survey found that 76% would be interested in a fund managed by a minority-owned firm, 83% would be interested in funds managed by women-owned firms and 91% would be interested in funds managed by a socially responsible firm as long as the funds boasted top historical performance.
Most respondents described themselves as tech oriented when it comes to investing. When broken down by specific activity, 79% would be likely to process a trade or exchange online; 80% would likely check real time quotes; 87% would be likely to read online fund reviews and 89% would be likely to change their retirement fund contribution amount; 87% would be likely to change their personal information and 83% would seek online investment education or advice.
The survey was conducted by an independent research firm and polled 254 individuals between the ages of 18 and 65 across the country.