FINRA Study Finds Only 51% of Ages 45-59 Have Calculated Money Needed For Retirement

The recently released survey entitled “Financial Capability in the United States” by the FINRA Investor Education Foundation and developed in consultation with the U.S. Department of the Treasury and the President’s Advisory Council on Financial Literacy shows that less than half of all working Americans have ever tried to figure out how much they need to save for retirement.  Even among those closest to retirement, just 51 percent of Americans between the ages of 45 and 59 have attempted to calculate how much they must accumulate.  The survey found that of the people who are currently retired, only 1% of the respondents are using a reverse mortgage for living expenses.

"These survey results highlight just how important it is to give people the information and resources they need to make sound financial decisions. The FINRA Foundation will use this important information to help focus its efforts to address the financial education needs of underserved Americans," said FINRA Foundation Chairman Rick Ketchum.

2009 Financial Capability in the United States