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Cultural influences affect retirement planning, decision-making

The study reported that all populations found retirement planning to be a daunting task. However, Hispanics felt the least prepared, with 54 percent saying they felt not very or not at all prepared.

By Michael S. Fischer | Updated on February 09, 2012

Although Americans of all backgrounds encounter similar barriers to saving and planning, cultural differences account for disparate experiences among groups, according to a study released Thursday by ING Retirement Research Institute.

The study reported that all populations found retirement planning to be a daunting task. However, Hispanics felt the least prepared, with 54 percent saying they felt “not very” or “not at all” prepared. This compares with 50 percent of African-Americans, 48 percent of white and 44 percent of Asian respondents who said they did not feel prepared.

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