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America Talks: Protecting Our Families’ Financial Futures

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To better understand the attitudes, needs, and planning for retirement, Age Wave collaborated with Genworth Financial companies (Genworth) and Harris Interactive in 2010 to launch the America Talks: Protecting Our Families’ Financial Futures study, which included as survey among 2,939 Americans spanning four generations: the Silent Generation (ages 65 to 85), the Baby Boomers (ages 46 to 64), Generation X (ages 34 to 45) and Generation Y (ages 23 to 33). The research sought to bring greater insight into why Americans avoid planning for the costs associated with living longer lives, and identified some important psychological barriers preventing them from talking about preparing for an unforeseen long term care event.  Among the key findings:

  • Uninsured medical expenses are the biggest financial worry in retirement.
  • People now view the financial goal as “having financial peace of mind” (79%) rather than “accumulating as much wealth as possible” (21%)
  • Over half (55%) said being a burden on their family would be their greatest worry in the event they could no longer care for themselves. Surprisingly, death was of the least concern, with only 10% of respondents citing this as a worry.
  • The overwhelming majority (over 90%) have not discussed all three key long term care topics with their family, including their spouses, adult children and their parents.  The topic include:  long term care options you would most prefer, the roles and responsibilities of different family members for managing care and how you will pay for long term care
  • Only 9% of respondents have discussed long term care with a financial professional
  • Aside from cost, “confusion” is the biggest barrier to purchasing long term care insurance

Genworth is also introducing a user-friendly version of its online survey for consumers interested in getting a snapshot of how their own views about retirement compares to others, available at: http://americatalks.questionpro.com/
An interactive press release containing downloadable content, including video from the forum the full survey report is available at: http://multivu.prnewswire.com/mnr/genworthfinancial/43150/

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      • The Four Pillars Of The New Retirement: What A Difference A Year Makes
      • The Four Pillars of The New Retirement
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About AgeWave

Age Wave is the nation’s foremost thought leader on issues relating to an aging population, with great expertise in the profound business, social, healthcare, financial, workforce and cultural implications. Under the leadership of Founder/CEO Dr. Ken Dychtwald, Age Wave has a unique understanding of the body, mind, hopes and demands of new generations of maturing consumers and workers and their expectations, attitudes, hopes, and fears regarding retirement.

Contact us at (510) 899-4000.

In the Media

  • Do People Actually Want to Live to 100?January 26, 2023
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  • NewsmaxHow to Enjoy a Fulfilling Life in Retirement Read Newsmax: How to Enjoy a Fulfilling Life in Retirement | Newsmax.com Important: Find Your Real Retirement Date in Minutes! More Info HereDecember 29, 2022
  • What is a financial power of attorney, and what to consider when appointing a power of attorney?December 27, 2022
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