Ask boomers if they’re set for retirement, and 75 % of the time, you’ll get one of two responses. 1. A crazy wild-eyed look of complete desperation. 2. A placid look that appears serene only because he/she is in denial.
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The other 25% or so of boomers actually use financial planners, according to the recent NSON Opinion Research omnibus survey by Dr. Les Harris, President of Mature Marketing and Research. And my best guess is that even amongst those 25%, a large number are still feeling that they’re on shaky ground.
The study is revealing. Out of 570 people 40 years or older, over 60% said they don’t use stockbrokers, financial consultants or even accountants to aid in their financial planning. Women do somewhat better, with 26% saying they do seek help, while the men are at a startling low of 19%.
The “good” news is that the rate of utilization goes up from 55-64.
The “good” is in quotes because generally, by the time the leading-edge boomers get around to seeking financial planning advice—be it from purchasing a book, going on-line or seeing someone in person—they become privy to the information that it’s generally too late for them to take advantage of: compounding, lifelong savings, etc. that all the financial advisors recommend. It’s still worth doing, however, as there are new products and laws coming on board all the time to at the very least help us wreak whatever extra pennies we can from our financials.
Meanwhile, if I have one piece of advice for financial advisers, topping my own wish-list is this. If it’s something we could or should have done, something that would have really helped us out earlier in our savings careers, but no longer applies, PLEASE: keep it to yourself.
For more information, visit www.maturemarketing.com.
Carol Orsborn