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Six-figure savings? Most say 'unlikely'
Andrea Coombes,
Financial planners are more optimistic about Americans' ability to save six figures, according to a related survey of 360 financial planners by the Financial Planning Association.
More than four-fifths of young Americans could accumulate $250,000 in net wealth over 30 years, and about half of young Americans could collect $1 million in that period, according to that survey. The financial planners surveyed say that workplace retirement plans are the key path to accumulating savings, with 89% saying such plans are a "very important" wealth-building strategy.
Just 50% of the planners see homeownership as a "very important" wealth-building strategy, and 55% pointed to investing in stocks and bonds.
Know what you've got.
About half of the consumers in the first survey understood, in a multiple choice question, that "personal wealth" refers to financial and tangible assets minus consumer debt. Upon hearing the definition, 48% of all of the consumers said they know exactly or about how much wealth they have.
One reason for the survey, Brobeck said, was to point out the importance of knowing one's net wealth. "Most relatively affluent Americans ... measure their financial situation more in terms of their net wealth than in terms of their income. We'd like to encourage all Americans to share the view that more affluent Americans have," he said. Consumers knew their net wealth, they would make better financial decisions, Brobeck said. "Before they went to a car dealer and bought a $40,000 as opposed to a $30,000 car, they would think through all of the factors: 'I want the high-quality car, I want the status ... but what effect is that going to have on my net wealth?"
Brobeck said the America Saves Web site, produced by a coalion of non-profit, corporate and government entities, offers some key savings strategies.
MarketWatch
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