ChangeWave Research: Baby Boomer Work, Leisure, Savings & Retirement Report
Results show Baby Boomer Professionals are Saving More, Working More and Worrying more - Nearly half of these Baby Boomer professionals say they are still worried about saving enough for retirement.
Rockville, MD (PRWEB) September 7, 2006 -- As the first members of the Baby Boomer generation turn 60, those working in the business and technology professions report they're saving more than they did five years ago. Nonetheless, nearly half say they are still worried about saving enough for retirement.
By a two-to-one margin (52% to 26%), Baby Boomer professionals are currently saving more money per month than they did five years ago, according to a new survey of 2,466 ChangeWave Alliance members aged 42 and over. The July 18-24, 2006 ChangeWave Research survey focused on Boomer work, leisure, savings and retirement plans.
Cutting Back. When respondents were asked what - if anything - they are cutting back on to save more money, the top three areas cited were travel/vacation (10%), children now out of College/on their own (10%), and eating out (9%)
Saving For Retirement. Focusing on retirement savings, three-in-ten (29%) Boomer professionals say they have saved more money for retirement over the past six months compared to the previous six months. Only 12% say they have saved less, while another 49% say they have saved the same amount.
Respondents were optimistic going forward - 28% saying they'll save more over the next 6 months and only 7% less, with 56% saying they'll save the same amount.
Such optimism notwithstanding, nearly half (47%) say they are still worried about saving enough money for retirement.
Biggest Fears. Deteriorating health (31%) and financial concerns (30%) were the top retirement fears , but high health insurance costs (10%) and boredom (9%) also received significant mention.
Punching the Clock. When it comes to work, Boomers are still punching the clock - working an average of 44 hours per week at their primary job. And while more than a third (36%) say they'd like to retire within 5 years, significantly fewer (27%) think they'll actually retire in that time frame.
Moreover, their working days won't actually end with retirement. An astonishing two-thirds (67%) of respondents say they expect to work at some point after they retire.
"All in all, the survey results are upbeat. They show that Boomer professionals are doing the right thing as they slowly begin moving towards retirement," says ChangeWave Research Director Paul Carton. "They are saving more, working more - and they're also worrying more about what their lives will be like after they retire."
About the ChangeWave Alliance:
The ChangeWave Alliance is a network of 8,500 highly qualified business, technology, and medical professionals in leading companies of select industries-credentialed experts who spend their everyday lives working on the frontline of technological change. ChangeWave surveys its Alliance members on a range of business and investment research and intelligence topics, collects feedback from them electronically, and converts the information into proprietary quantitative and qualitative reports. Visit www.changewave.com.
About ChangeWave Research
ChangeWave Research, a subsidiary of Phillips Investment Resources, LLC, identifies and quantifies "change" in industries and companies through surveying a network of thousands of business executives and professionals working in more than 20 industries. ChangeWave has a very unique asset in its 8,500-member Alliance. Their membership team is assembled from a broad cross section of more than 20 vertical markets such as telecom, semiconductors, data storage, and biotechnology, along with a wide range of professional disciplines including CIOs, IT managers and programmers, executive management, scientists, engineers and sales personnel.
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