Three in 10 American parents take care of their children first before putting money into their own retirement, according to a new report by Massachusetts Mutual Life Insurance Co.
"As a nation, we are becoming incredibly diverse in terms of age, ethnicity, attitudes and experiences; you no longer can put a face on America – because there are so many different faces," said John Chandler, senior vice president and chief marketing officer for MassMutual. "The State of the American Family research platform helps foster a deep understanding of today's diverse families, trends that may shape them in the coming decade and factors that affect their dynamics and interactions on matters financial and otherwise."
The study found that 39 percent of Americans have developed a plan for their retirement saving. Among women, it is only 31 percent, despite the fact that women can expect to spend more than 50 percent more time in retirement than men. More than six in 10 of those surveyed plan to work part-time during retirement.
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The recession has taken its toll on family finances. Nineteen percent of those surveyed say they are satisfied with their current financial situation and close to 28 percent said they have delayed purchasing big items because of the recession. The report found that 60 percent of Americans are careful not to accrue debt and 70 percent say they want to be actively involved in decisions regarding their finances.
Less than 10 percent of those surveyed said they learned how to manage money from their elders and one-quarter said they wish their parents had taught them about money. Seventy-eight percent of those surveyed think it is important to educate their children about finances. That sentiment is stronger in women than men.
"It's important to stay close to the changing expectations and needs of American families to help them stay or get back on track financially through targeted education and careful planning, so they can achieve financial security," said Chandler. "Knowledge and planning can help many avoid pitfalls, yet our study shows that fewer than three in ten American parents are actively seeking ways to educate themselves on their finances. We clearly have a lot of work to do."
Forbes Consulting Group conducted the study of 1,143 parents from 30 to 64 years of age, with household incomes of $100,000 or more, on behalf of MassMutual.
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