AXA Financial (in the US) has run a survey over the past 10 years measuring the changing financial attitudes of consumers. Like all funded research you have to ask yourself “who is to gain” from the findings but this study does appear to have some real research credibility.
The study polled 701 people, born from 1946 to 1964, with annual household incomes of $75,000 and above. The comparative data from the 1993 study was based on a survey of 600 people in the same age range.
Here are some of the headline findings:
In 2003, 43% (26% in 1993) said that their single greatest economic concern was having adequate resources in retirement.
The proportion putting a higher priority on providing a financial base for their retirement grew from 43% (1993) to 55% (2003).
Most respondents attempt to set aside either a specific dollar amount or a fixed percentage of earnings for savings. The typical annual savings objective is $10,000
In order to "feel financially secure," it was felt necessary to have savings of at least $1 million.
No surprising findings but interesting for the marketer in the finance industry.
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