Cultural Impacts on Retirement Planning

New research shows that while Americans of all backgrounds encounter similar barriers to saving and planning, cultural differences account for disparate experiences among different ethnic groups. The “Retirement Revealed” study from ING U.S.provides key findings that examine the attitudes, behaviors and preparedness of these groupsincluding Blacks, Latinos and Asiansregarding their future retirement.

Download the “Retirement Revealed” report.

Key findings include:

  • Non-whites were more likely than whites to get their investment information and guidance from the Internet and media. Blacks (54 percent), Asians (53 percent) and Latinos (50 percent) indicated that the media and Internet were the primary sources of advice.
  • Latino respondents were less focused on their future retirement goals; more than half (57 percent) have never calculated how much money they will need to continue their current lifestyle upon retirement.
  • Just under half (41 percent) of respondents have virtually no emergency savings (one month’s worth or less). This increases to nearly half for Latinos (47 percent) and 50 percent for Blacks, while only 1 in 4 Asians have one month’s worth or less saved for emergencies.
  • More than 6 in 10 Blacks (63 percent) cite reducing debt as their most important short-term financial goal.
  • Latinos are the most likely (57 percent) to want more education about investments and retirement options.
  • Asians are the least likely to have a last will and testament (26 percent), compared with 31 percent for Latinos and 37 percent for white respondents.

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