Table 2.
Survey Results: Financial Behavior and Retirement Planning (Questions asked both non-retired and retired participants)
| Full sample nf = 38 |
Non-retired nnr = 18 |
Retired nr = 20 |
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|---|---|---|---|---|---|---|
| % | Count | % | Count | % | Count | |
| Checking account | ||||||
| Have one | 50% | 19 | 50% | 9 | 50% | 10 |
| Do not have one | 42% | 16 | 44% | 8 | 40% | 8 |
| Do not know | 3% | 1 | 0% | 0 | 5% | 1 |
| Do not want to answer | 5% | 2 | 6% | 1 | 5% | 1 |
| Savings account | ||||||
| Have one | 45% | 17 | 33% | 6 | 55% | 11 |
| Do not have one | 47% | 18 | 61% | 11 | 35% | 7 |
| Do not know | 3% | 1 | 0% | 0 | 5% | 1 |
| Do not want to answer | 5% | 2 | 6% | 1 | 5% | 1 |
| Saving behavior | ||||||
| Able to save in a monthly basis | 18.4% | 7 | 6% | 1 | 30% | 6 |
| Able to save but not in a monthly basis | 5.3% | 2 | 11% | 2 | 0% | 0 |
| Not able to save in a monthly basis | 76.3% | 29 | 83% | 15 | 70% | 14 |
| Do not know | 0.0% | 0 | 0% | 0 | 0% | 0 |
| Do not want to answer | 0.0% | 0 | 0% | 0 | 0% | 0 |
| Credit card* (nf=35, nnr=17, nr=18) | ||||||
| Have one | 40% | 14 | 29% | 5 | 50% | 9 |
| Do not have one | 60% | 21 | 71% | 12 | 50% | 9 |
| Do not know | 0% | 0 | 0% | 0 | 0% | 0 |
| Do not want to answer | 0% | 0 | 0% | 0 | 0% | 0 |
| Social Security | ||||||
| Receive benefits (self/partner/both) | 58% | 22 | 22% | 4 | 90% | 18 |
| Do not receive benefits | 42% | 16 | 78% | 14 | 10% | 2 |
| Do not know | 0% | 0 | 0% | 0 | 0% | 0 |
| Do not want to answer | 0% | 0 | 0% | 0 | 0% | 0 |
| Retirement Account* (nf=35, nnr=18, nr=17) | ||||||
| Have a retirement account (self/partner/both) | 11% | 4 | 6% | 1 | 18% | 3 |
| Do not have a retirement account | 83% | 29 | 83% | 15 | 82% | 14 |
| Do not know | 3% | 1 | 6% | 1 | 0% | 0 |
| Do not want to answer | 3% | 1 | 6% | 1 | 0% | 0 |
| Pension Account* (nf=35, nnr=18, nr=17) | ||||||
| Have a pension account (self, partner, both) | 11% | 4 | 0% | 0 | 23.53% | 4 |
| Do not have a pension account | 83% | 29 | 88.9% | 16 | 76.47% | 13 |
| Do not know | 3% | 1 | 5.6% | 1 | 0% | 0 |
| Do not want to answer | 3% | 1 | 5.6% | 1 | 0% | 0 |
| Prepared for retirement | ||||||
| Not at all prepared | 50% | 19 | 67% | 12 | 35% | 7 |
| Somewhat prepared | 34% | 13 | 22% | 4 | 45% | 9 |
| Very prepared | 5% | 2 | 0% | 0 | 10% | 2 |
| Do not know | 8% | 3 | 11% | 2 | 5% | 1 |
| Do not want to answer | 3% | 1 | 0% | 0 | 5% | 1 |
| Largest obstacle when preparing for retirement* (nf=36 nnr=18, nr=18) | ||||||
| Lack of money | 50% | 18 | 66.7% | 12 | 33% | 6 |
| Lack understanding of retirement accounts | 19% | 7 | 16.7% | 3 | 22% | 4 |
| Lack of interest | 3% | 1 | 0.0% | 0 | 6% | 1 |
| Do not know | 11% | 4 | 11.0% | 2 | 11% | 2 |
| Do not want to answer | 17% | 6 | 5.6% | 1 | 28% | 5 |
Sample size for questions denoted with “*” shown in parenthesis: nf for full sample, nnr for non-retired sample and nr for retired sample. Percentage calculated for all the answers, add to 100.