New Survey: Regions Bank Finds Americans’ Priorities, Planning for Retirement are Out of Sync
12 Ottobre 2021 - 3:00PM
Business Wire
On this National Savings Day – and every day – Regions Next Step
helps people plan and save for retirement.
Regions Bank on Tuesday announced the results of a new
retirement survey that finds many Americans need help getting on
track with savings to retire comfortably. The survey was conducted
by Regions Next Step, the bank’s free financial education
program.
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On National Savings Day – and every day –
Regions Next Step helps people plan and save for retirement.
(Photo: Business Wire)
According to the survey, Americans’ top priority for retirement
is maintaining a comfortable lifestyle, with just under half of
respondents (45%) saying it is most important to them when thinking
about their retirement goals. However, 65% of respondents are not
confident they will save enough to retire comfortably. That
confidence varies by gender, with 39% of men feeling somewhat or
very confident compared with 31% of women. Confidence also varies
by income, with only 20% of respondents who make under $40,000
annually reflecting confidence in their savings plans – and 32% who
make between $40,000 and $80,000 reflecting confidence.
“While this survey highlights a gap between what people want
from retirement and how they are planning for it, there is good
news in that free financial resources are available to help people
plan for the future, no matter how much or how little they have
saved so far,” said Scott Peters, head of the Consumer Banking
Group at Regions Bank. “Financial wellness is a top priority for
Regions Bank, and that extends beyond our free Regions Next Step
tools on regions.com and into our branch locations. Our teams work
one-on-one with people to help them better understand their
finances and provide solutions to reach their goals. It often
begins with a simple conversation, and we encourage everyone,
whether they are just starting to think about retirement, or
whether retirement is fast approaching, to come talk to us about
practical ways to build their savings and grow more confident in
their financial futures.”
The recent Regions Next Step survey also suggests how often
people set aside money may impact their confidence. Of those who
are very or somewhat confident they are on track for reaching their
retirement goals, 52% save for retirement in regular increments or
time periods. In contrast, 23% of those who are only a little or
not confident save regularly. In addition, 37% of those feeling
only a little or not confident about their retirements report they
are not currently saving at all.
Respondents shared financial obligations they see as obstacles
to saving for retirement. Daily living expenses were cited as the
biggest obstacle by almost half of those surveyed (45%). This was
followed by housing payments (34%), medical debt (24%), saving for
other goals, such as starting a family or buying a house (21%), and
the financial impact of COVID-19 (20%).
Results also show there are knowledge gaps when it comes to
retirement saving and planning. Around half of respondents do not
feel knowledgeable about how to save for a comfortable retirement
(47%), the difference between various saving types (51%), or making
decisions about how their savings are invested (51%). Even those
who are confident they will save enough still report knowledge gaps
about how much to save (30%), the difference between various
savings types (36%), and making decisions about investing their
savings (31%).
Other key findings include:
- Fewer than one in three respondents surveyed (30%) save for
retirement in regular increments or time periods.
- Many respondents think they should be saving more for
retirement. While half of respondents (51%) are putting 10% or less
of their gross income toward retirement savings, 41% of respondents
think they should save 10-20% of their gross income.
- Those who are less confident they will have enough saved for
retirement often save less: 46% save just 0-5% of their gross
income.
- Among those who save for retirement, 30% of respondents use a
401k, and 27% have savings in a non-retirement account.
“Planning and saving for your retirement may not be as exciting
as saving for a new car or planning for your next vacation;
however, whether you’re nearing retirement or still decades away,
it’s imperative to plan and invest in your future,” said Joye Hehn,
Next Step financial education manager for Regions. “Everyone wants
to be able to retire comfortably, and Regions is committed to
providing free tools, resources and education to help people learn
to grow their nest egg and create long-term financial
security.”
Tuesday, Oct. 12 is National Savings Day, and Regions Bank is
highlighting tools the company makes available for free year-round
to help people build their savings, reduce their debts, and reach
long-term goals. For people building their retirement savings,
Regions Next Step recommends the following:
- Plan for different stages of retirement. Financial needs
and spending habits will likely fluctuate during retirement years.
Check out this article for considerations when preparing
finances.
- Determine how much to save. Understanding retirement
needs is the first step in setting a retirement goal. This free
Regions calculator can help identify how much to save for
retirement.
- Build investment portfolios. Many people use investments
to save for retirement. Register for an upcoming session of
Regions’ webinar, “Maximize Your Personal Wealth,” to learn about investment strategies and ways
to grow wealth.
- Factor in family financial needs. Decisions related to
parenthood and employment can have an impact on retirement savings.
Listen to this podcast to learn about potential impacts and how to
work with an advisor on unique family financial needs.
For more guidance on planning and saving for retirement, visit
Regions’ new financial wellness resource center on retirement,
Regions.com/NextStepRetirement.
The Regions Next Step omnibus survey questions were part of a
national online survey that took place between Aug. 9-11, 2021. The
survey reached 1,258 U.S. adults. The results are weighted and are
representative of all U.S. adults (18+).
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $156 billion in
assets, is a member of the S&P 500 Index and is one of the
nation’s largest full-service providers of consumer and commercial
banking, wealth management, and mortgage products and services.
Regions serves customers across the South, Midwest and Texas, and
through its subsidiary, Regions Bank, operates more than 1,300
banking offices and approximately 2,000 ATMs. Regions Bank is an
Equal Housing Lender and Member FDIC. Additional information about
Regions and its full line of products and services can be found at
www.regions.com.
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Media Contact: Jennifer Elmore Regions Bank
205-264-4551
Regions News Online: regions.doingmoretoday.com Regions News on
Twitter: @RegionsNews
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