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PNC Survey Reveals Emotions Influence Planning, Life Goals, Retirement
According to the findings in the most recent PNC Perspectives of
Specifically among those planning for retirement, three quarters (77 percent) listed living comfortably as a top goal, while 70 percent answered travel and 56 percent selected spending more time with family as top on their list. Of those surveyed, 72 percent are confident they will achieve these goals.
"We understand that consumer decision-making about significant purchases or investments, such as buying a new car, a first home or many other products is heavily influenced by emotion. Similarly, we believe emotions are in play when people think about retirement," said
To that end, most successful savers feel they are taking the concrete steps they need to make those goals achievable. Among respondents currently participating in a retirement plan, 70 percent are investing with investment firms, banks and brokerage firms, and in mutual funds, and 77 percent regularly revisit their plans. Further, 53 percent are investing in employer-sponsored retirement plans. In addition, almost half (45 percent) have been saving for at least 20 years.
Other key findings in the survey include:
- Those still working said they expect 40 percent of their spending to go to basic living expenses, followed by travel (19 percent) and healthcare (18 percent) in their retirement.
- More than a third (38 percent) are not actively paying off any expenses before retirement, while 31 percent are attempting to pay off their mortgage and 10 percent are paying down credit card debt.
- Though they care about the future for their children and grandchildren, older baby boomers (age 65-75) are not looking to leave all of their money behind. Eighty-six percent want to live comfortably in retirement.
Those surveyed included working adults and retirees from age 25 to 75 who were deemed "successful savers" because they reported investable assets of at least
A digital package containing survey highlights, background information and an infographic is available on PNC's website at http://pnc.mediaroom.com/digital-packages.
PNC Investments is a registered broker-dealer and investment adviser, providing a range of retirement and investing options, including brokerage accounts. PNCI provides guidance to help those just starting to invest, those who have been planning and investing for some time, and individuals nearing or in retirement. PNCI offers practical, strategic financial advice and insight to help clients achieve more with their money.
The Perspectives of Retirement Survey was commissioned by PNC to identify attitudes and behaviors of adults. The study was conducted online in the
The survey was designed by
This report has been prepared for general informational purposes only and is not intended as specific advice or recommendations. Information has been gathered from third party sources and has not been independently verified or accepted by The
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