Today, the Association for Financial Counseling and Planning Education released results from a statewide survey that examined the retirement preparedness of Georgians. The survey, which was funded by a grant from the Investor Protection Trust in collaboration with Georgia Secretary of State, Brian P. Kemp, revealed that 42 percent of Georgia residents believe they are not adequately contributing to their retirement accounts.
Surveying 501 Georgia residents (53 percent female and 47 percent male), the survey also found that nearly one-fourth (23 percent) of Georgians have less than $5,000 saved or invested for retirement (not counting home value). The results reflect that many Georgians do not have sufficient retirement planning education or knowledge to feel comfortable contributing to a retirement fund without seeking help from a professional financial advisor or counselor.
“This survey highlights the importance of retirement planning education for Georgians when it comes to saving money and investing in their financial future,” said Rebecca Wiggins, executive director of AFCPE. “The findings exhibit the need for accessible and fundamental resources to help guide fiscal decision-making, regardless of someone’s race, background or current economic situation.”
Other notable findings include:
- Twenty-eight percent of respondents do not have a retirement plan in place because they do not have enough money to save.
- Forty-four percent of women respondents are not currently planning for financial retirement.
- Over 50 percent of African American respondents don’t feel they know enough information to make investments in retirement.
- Thirty-two percent of White respondents said they have not started to plan for retirement because they plan to live off of Social Security or other financial resources.
“I would like to thank the AFCPE for conducting this important survey,” said Secretary Kemp. “Based on these findings, it is clear that Georgians will greatly benefit from expanded investor education and financial resources to plan for retirement. Along with strategic partners like AFCPE, we are ready to work with individuals from all walks of life to improve these metrics and help them prepare for long-term investment success.”
In response to the survey results, the Secretary of State’s Securities Division will join the AFCPE®, along with AARP Georgia, Detroit Public Television and the Investor Protection Institute, for an informative event at Georgia State University. The “Fund Your Future Paycheck: An Investor Education & Protection Event” is free and open to the public.
To register for the event, and to view full results of the survey, please visit wi65.org/Georgia.