Fifty-one percent of younger adults are thinking more seriously about retirement planning after watching the recession’s impact on their parents, Country Financial found in a survey. Evidently, these investors believe it is critical to stay on top of their finances and retirement savings, since 71% said they expect to experience a second similar recession by the time they reach their parents’ age, and 60% believe their financial situation will be the same or worse in retirement as their parents.
“The recession is a wake-up call for many Americans, and their response is an appropriate one,” said Keith Brannan, vice president of financial security planning at Country Financial. “By preparing and navigating an economic downturn with smart planning, they are more likely to take the actions needed to achieve financial security, no matter where they are starting from.”
Brannan added: “The hope for people is a tangible plan. Having a plan, and following through with it, is key. Most families can build a financially secure future, even if they might not realize it right now.”