- 33 percent of Democrats expected it to get better, compared to just 16 percent of Republicans;
- Democrats are also more than 50 percent more likely than Republicans to expect their own household financial situation to improve over the same time period.
“This survey reveals that some people are paralyzed by the daunting financial decisions they face,” Spackman said. “Many choose to do nothing when it comes to some of the most basic aspects of financial planning. It’s surprising that 27 percent of Americans say they do little or no financial planning.”The Consumer Attitudes to Savings survey has been conducted annually since 2004 by Aviva plc in multiple countries in which the company operates around the world. While perceptions about the economy in the U.S. were generally unchanged from previous surveys, in Europe the impact of the Eurozone crisis clearly impacted consumer optimism and confidence. “Just seven of 10 U.S. respondents have a savings account, just under half report they own life insurance, and slightly more than one-third have investments,” Spackman said. “It’s no wonder that two-thirds of Americans say life is more risky than it used to be. Many simply do not have the financial backstops they need to deal with life’s unexpected events or a plan to sustain them in retirement.” Among some of the survey’s other key findings:
- 32 percent of respondents think financial planning is too complicated to do on their own;
- 20 percent of Americans expect to use money provided by someone in their family to fund part of their retirement;
- 39 percent admit to feeling uncomfortable with their debt level;
- Among those not yet retired, just 30 percent believe regularly setting aside money will be the primary means to fund their retirement. The other primary sources listed included a personal or employer pension (23 percent), working beyond retirement age (17 percent), state/government pension (11 percent) and a home (9 percent).
About the survey “Consumer Attitudes to Savings” has been conducted every year since 2004. From 2010, the survey has taken place three times a year – in February, June and November – to assess consumer sentiment in Aviva’s key markets. A representative sample of 1,000 respondents is interviewed every wave in each country – with the exception of China, where 2,000 adults, aged 18+, are surveyed. The research is conducted online in all markets except China and India, where a combination of online and face-to-face methods is used. The survey was conducted by Ipsos, a leading global survey-based market research company.About Aviva USA Aviva USA is a sales leader of indexed life insurance and indexed annuities. Headquartered in West Des Moines, Iowa, Aviva USA also has offices in Topeka, Kan., and Melville, N.Y. Aviva USA has approximately 930,000 customers and employs 1,800 people across the country. Aviva USA is part of Aviva plc and can trace its presence in the U.S. back to 1896.