New Study Shows Americans Face Concern over Retirement Despite Their
NASHVILLE, Tenn.–(BUSINESS WIRE)–#ChrisHogan–Americans’ concerns and negative emotions about retirement are causing
them to lose sleep, according to a new survey by Ramsey Solutions, a
leading company in financial education. Results show 56 percent of
Americans are losing sleep over retirement. Eight in 10 Americans who
feel ashamed, guilty or embarrassed about retirement lose sleep, while
less than half of Americans who feel excited or confident about their
future lose sleep.
This report is the third in a four-part series evaluating the state of
retirement in America as revealed by a survey consisting of more than
1,000 U.S. adults. This installment focuses on how Americans’ thoughts
toward retirement affect their stress levels and sleep patterns.
Although saving for retirement leads to positive emotions like
confidence, excitement and optimism, it doesn’t guarantee a better
night’s sleep. More than 60 percent of active savers lose sleep over
retirement, compared to nearly 50 percent of non-savers. And although
Gen Xers are more likely to actively save and spend time planning for
retirement, half of them admit they are afraid of outliving their money.
“It’s concerning to see so many Americans losing sleep over retirement,
even those who save,” says Chris Hogan, financial expert, number one
national best-selling author and spokesperson for Ramsey Solutions.
“Most people assume saving will eliminate money stress, but what people
need is an understanding of how much money they need to live on during
their retirement years. Having this knowledge allows people to have a
clear path to their retirement goals and reduce their stress surrounding
Additional key survey findings include:
74 percent of Americans who are very concerned about their future
lose sleep. This is compared to just 17 percent of those who have
no concerns about their future. And nine in 10 people who feel
confident about their future are focused on preparing for retirement.
Kids activities/needs are the top obstacle those who aren’t saving
and feel anxious face, with kid’s schooling coming in second. For
those who are saving and feel anxious, lack of planning is the number
one obstacle, followed by procrastination.
Seven in 10 Americans who feel confident about their future know
whom to ask about retirement questions. But Americans who aren’t
comfortable talking to a financial advisor are three times more likely
to feel regret and more than twice as likely to feel guilt and shame
than those who are very comfortable talking to a financial advisor.
Additional survey findings for this installment can be found at www.daveramsey.com/research/stress-anxiety.
Part four of the study will focus on America’s retirement crisis and
will release September 2016.
About the Survey
Retirement in America is a research study
conducted with 1,016 U.S. adults to gain an understanding on attitudes,
behaviors and perceptions around the topic of retirement. The nationally
representative sample was polled between February 26, 2016, and March 1,
2016, using a third-party research panel.
About Ramsey Solutions
Ramsey Solutions is committed to
helping people take control of their money, build wealth, grow their
leadership skills, and enhance their lives through personal development.
Through a variety of mediums, including live events, corporate financial
wellness program, publishing, syndicated columns, and two nationally
syndicated radio shows, Ramsey Solutions uses commonsense education to
empower people to win at life and money. Millions of people across the
country have gone through Financial Peace University, and Ramsey
Solutions’ world-class speakers have brought vision, inspiration and
encouragement to over a million more.
About Chris Hogan
A popular and dynamic speaker on the
topics of personal finance, retirement and leadership, Chris Hogan helps
people across the country develop successful strategies to manage their
money in both their personal lives and businesses. He is the host of the
Retire Inspired Podcast and the author of Retire Inspired: It’s
Not an Age; It’s a Financial Number, a #1 national best seller. For
more than a decade, Chris has served at Ramsey Solutions as a trusted
financial coach and Ramsey Personality. You can follow Chris on Twitter
and Instagram at @ChrisHogan360
and online at chrishogan360.com
Meg Grunke, 615-663-8660