PITTSBURGH, Nov. 9, 2017 /PRNewswire/ -- A new survey
from The PNC Financial Services Group, Inc. (NYSE: PNC) revealed
that a substantial number of those considered to be "successful
savers" are confident they will achieve their life goals in
retirement and identified key priorities for realizing them.
According to the findings in the most recent PNC Perspectives of
Retirement Survey, emotional factors play a key role in planning
for life goals, as most respondents indicated they want to enjoy
life, feel financially secure and have peace of mind in their
retirement.
Specifically among those planning for retirement, three quarters
(77 percent) listed living comfortably as a top goal, while 70
percent answered travel and 56 percent selected spending more time
with family as top on their list. Of those surveyed, 72 percent are
confident they will achieve these goals.
"We understand that consumer decision-making about significant
purchases or investments, such as buying a new car, a first home or
many other products is heavily influenced by emotion. Similarly, we
believe emotions are in play when people think about retirement,"
said Rich Ramassini, CFP®
director of strategy for PNC Investments. "Our survey results
reinforce the importance of setting goals and monitoring plans to
balance those emotions."
To that end, most successful savers feel they are taking the
concrete steps they need to make those goals achievable. Among
respondents currently participating in a retirement plan, 70
percent are investing with investment firms, banks and brokerage
firms, and in mutual funds, and 77 percent regularly revisit their
plans. Further, 53 percent are investing in
employer-sponsored retirement plans. In addition, almost half (45
percent) have been saving for at least 20 years.
Other key findings in the survey include:
- Those still working said they expect 40 percent of their
spending to go to basic living expenses, followed by travel (19
percent) and healthcare (18 percent) in their retirement.
- More than a third (38 percent) are not actively paying off any
expenses before retirement, while 31 percent are attempting to pay
off their mortgage and 10 percent are paying down credit card
debt.
- Though they care about the future for their children and
grandchildren, older baby boomers (age 65-75) are not looking to
leave all of their money behind. Eighty-six percent want to live
comfortably in retirement.
Those surveyed included working adults and retirees from age 25
to 75 who were deemed "successful savers" because they reported
investable assets of at least $50,000
(under age 44) or at least $100,000
(ages 44+), not including funds in 401(k) retirement accounts.
A digital package containing survey highlights, background
information and an infographic is available on PNC's website at
http://pnc.mediaroom.com/digital-packages.
PNC Investments is a registered broker-dealer and investment
adviser, providing a range of retirement and investing options,
including brokerage accounts. PNCI provides guidance to help those
just starting to invest, those who have been planning and investing
for some time, and individuals nearing or in retirement. PNCI
offers practical, strategic financial advice and insight to help
clients achieve more with their money.
The PNC Financial Services Group, Inc. is one of the largest
diversified financial services institutions in the United States, organized around its
customers and communities for strong relationships and local
delivery of retail and business banking including a full range of
lending products; specialized services for corporations and
government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com.
Survey Methodology
The Perspectives of Retirement
Survey was commissioned by PNC to identify attitudes and
behaviors of adults. The study was conducted online in the PNC Bank
retail footprint Aug. 15–20, 2017 among a cross section of 492
household decision makers age 25 to 75 with self-reported
investible assets of $50,000 or more.
Findings for the total sample have a margin of error of +/-4.4% at
the 95% confidence interval. Survey results are balanced in
accordance of the US Census population distribution for age and
gender within PNC's footprint to ensure representativeness. No
weighting as required.
The survey was designed by Chadwick
Martin Bailey, a market research firm specializing in custom
research.
This report has been prepared for general informational purposes
only and is not intended as specific advice or recommendations.
Information has been gathered from third party sources and has not
been independently verified or accepted by The PNC Financial
Services Group, Inc. PNC makes no representations or warranties as
to the accuracy or completeness of the information, assumptions,
analyses or conclusions presented in the report. PNC cannot be held
responsible for any errors or misrepresentations contained in the
report or in the information gathered from third party sources. Any
reliance upon the information provided in the report is solely and
exclusively at your own risk.
CONTACT:
Alan Aldinger
(412) 768-3771
alan.aldinger@pnc.com
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SOURCE PNC Financial Services Group, Inc.