The Retirement Reformation

Transcription

1 The Retirement Reformation A Survey of Americans Changing Emotions and Behaviors Concerning Retirement May 12 TD Ameritrade, Inc., member FINRA/SIPC/NFA, is a subsidiary of TD Ameritrade Holding Corporation. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. 12 TD Ameritrade IP Company, Inc. All rights reserved. Used with permission.

2 Table of Contents Method 3 Sentiment & Emotions Concerning Retirement 4 Current and Past Retirement Savings Behavior 1 Retirement Savings Goals & Beliefs Among Non-Retirees 16 Retirees Experiences Since Retirement 25 Retirement Savings Strategy Confidence Index 38 Conclusions 3 Appendix: Study Sample Characteristics 34

3 Method An online survey was conducted with N = 29 U.S. residents from March 27-28, 12 by Head Research on behalf of TD Ameritrade. Sample was drawn from major regions in proportion to the U.S. Census: New England (5%), Mid-Atlantic (16%), South (25%), Midwest (22%), Southwest (12%), West (%) In each region, half of the respondents were male and half were female Quotas ensured at least n = 5 respondents from each age cohort of interest to TD Ameritrade: Mature (193 to 1945): n = 52 Baby Boomers (1946 to 1964): n = 54 X (1965 to 1976): n = 55 Y (1977 to 1989): n = 518 All respondents were required to be sole or shared decision makers with respect to planning and saving for retirement The average time required to complete the survey was 1 minutes The statistical margin of error in this survey is +/- 2.2%. This means that in 19 out of cases, survey results based on N = 29 respondents will differ by no more than 2.2% in either direction from what would have been obtained from the opinions of all adults born from 193 to 1989 in the U.S. 2 About TD Ameritrade Holding Corporation Millions of investors and independent registered investment advisors (RIAs) have turned to TD Ameritrade s (NYSE: AMTD) technology, people and education to help make investing and trading easier to understand and do. Online or over the phone. In a branch or with an independent RIA. First-timer or sophisticated trader. Our clients want to take control, and we help them decide how - bringing Wall Street to Main Street for more than 36 years. An official sponsor of the 12 U.S. Olympic Team, TD Ameritrade has time and again been recognized as a leader in investment services. Please visit the TD Ameritrade s newsroom or for more information. Brokerage services provided by TD Ameritrade, Inc., member FINRA ( /SIPC ( /NFA ( About Head Research Head Research is a division of Head Solutions Group (U.S.) Inc., a leading market research partner for Financial Services companies in North America. With offices in New York, Toronto, and Montreal, Head delivers the deep customer insights that increase institutional knowledge and propel business action. 1 Head Research and TD Ameritrade, Inc. are separate, unaffiliated companies and are not responsible for each other s products and services 2 Assumes responders are the same as non-responders and that panelists are the same as nonpanelists

4 General Sentiment & Emotions Concerning Retirement

5 General Sentiment Concerning Retirement Those who are not retired were asked to indicate the degree to which they agree with the statement: I am looking forward to retirement. Overall, a slight majority (52%) of respondents are looking forward to retirement, with Baby Boomers (57%) being the most likely to feel this way, perhaps because they are closest to retiring Those in the Mature, who are not already retired (17% of the cohort) are the exception they are significantly less likely to agree with this statement (45%) than other cohorts Though not shown on this graph, married males (6%) and females (55%) are significantly more likely to be looking forward to retirement than those who are not married (single males = 4%, single females = 47%) 6 5 All Mature Baby Boomers Gen X Gen Y % of Respondents Disagree Neutral Agree I am looking forward to retirement. Base: Those who are not retired (n = 1434) - Mature (n = 83), Baby Boomers (n = 343), X (n = 493), Y (n = 515)

6 Why People Aren t Looking Forward To Retiring The most common unprompted reasons survey respondents gave for not looking forward to retirement included: 28% Not enough money saved 26% Too young / retirement too far away 23% I like my work / like to work 14% Don t want to be bored / idle (#1 for all except Gen Y) (Mostly Gen Y) I don t want to retire. I love my job - Mature (67 years old) I do not look forward to be at home all day and not having a nice steady paycheck - X (42 years old) Because I don't have enough money saved up for retirement at this time due to ongoing financial problems now - X (43 years old) I cannot afford to retire and the way the economy is today, no one can - Baby Boomer (49 years old) I have no savings and a large amount of debt. I doubt I will ever be able to retire - Y (33 years old) I am 24 years old I don t want to look so far into the future - Y (24 years old) I ve always worked. It s hard to imagine not working at all - Mature (74 years old) I am a public employee who has seen his benefits cut, pay cut and retirement cut - Baby Boomer (51 years old) Base: Those who are not retired and not looking forward to retirement (n = 274)

7 Why People Are Looking Forward To Retiring Those who indicated they are looking forward to retirement gave the following unprompted reasons for their response: 19% 25% 3% 36% Not enough money saved To enjoy hobbies / activities / free time / enjoy life Tired of working / have worked for a long time Want to travel Want to spend time with spouse / family / friends No significant differences across cohorts 16% Relax / have no stress / slow down Relaxing and doing the things I want to do like travelling - X (44 years old) Retirement is a time in one s life to sit back and relax and enjoy the rest of your life with your loved ones - Y (32 years old) I have worked for 45 years - Mature (7 years old) More time for travel, hobbies and grandchildren - Mature (69 years old) More time to travel and pursue other hobbies - Y (35 years old) Freedom to structure my time as I want to, to spend more time with family & friends, to travel - Baby Boomer (59 years old) (28 (56 I ve had a long hard working life - Baby Boomer years old) enjoying time with my spouse - Y years old) Base: Those who are not retired and are looking forward to retirement (n = 752)

8 Emotional Response to Thoughts of Retirement This emotion map has been constructed based on an analysis of the correspondence between the mean responses of each age cohort on 11-point emotional experience scales, where meant a respondent was not experiencing the emotion being described through to a 1 which meant they strongly felt the emotion being described as they thought about retirement Anxious Envious Frustrated Embarrassed Out of control Gen Y Gen X Regretful Baby Boomers Proud Satisfied Positive Mature The analysis indicates that age cohorts experience different emotions when thinking about retirement: Gen X Baby Boomers Disinterested How to Read this Emotion Map Gen Y Embarrassed, frustrated, envious Disinterested, feeling out of control Mature Anxious and regretful Proud, satisfied and positive Arrows represent different emotions, the green dots represent different age cohorts The longer the arrow, the more a particular emotion contributes to differentiating between age cohorts The closer a cohort s green dot is to the tip of an emotion arrow, the more the age cohort is described by that emotion Base: All respondents (n = 29), Mature (n = 52), Baby Boomers (n = 54), Gen X (n = 55), Gen Y (n = 518)

9 Greatest Concerns About Retirement Income Those who are not already retired are most worried about not having enough money to live on / being able to save enough money for retirement and falling short due to unforeseen circumstances: Age cohorts are in alignment, with the exception of the Mature whose second greatest concern is having to downgrade their standard of living, followed by concern about having to dip into savings instead of living on interest income Not having enough to live on / not being able to save enough Requiring more money than I have planned for due to unforseen circumstances Losing my savings due to the poor state of the economy My savings is not growing / gaining as much interest as I had hoped 12 Having to downgrade my standard of living and live a more frugal life 7 Having to dip into my savings instead of living on the interest income Being unable to properly manage my retirement income once I am retired Losing my savings due to fraud or financial impropriety Other % of Respondents What is your greatest concern about retirement income? Base: Respondents who are not yet retired (n = 1434)

10 Current and Past Retirement Savings Behavior

11 Current Saving Style Although most survey respondents who are saving for retirement do so via automatic withdrawals from their pay, Gen X (59%) and Gen Y (56%) are more likely than other age cohorts to be doing so: Most people (64%) who have automatic withdrawals contribute bi-weekly, 19% contribute weekly 18% of all survey respondents haven t started saving, including Baby Boomers (15%) who are close to retirement, as well as the Mature (8%), who should already be retired Married males (6%) and females (54%) more likely to be saving by means of automatic withdrawals than people who are single Single females (29%, mean age 37 years old) are most likely to have not started saving for retirement All Mature Baby Boomers Gen X Gen Y % of Respondents Automatic Withdrawal from Pay Self Saver Irregular Saver Not Started Other 2 2 Which one of the following best describes your current situation with respect to saving money for retirement? Base: Those who are not retired (n = 1434) - Mature (n = 83), Baby Boomers (n = 343), X (n = 493), Y (n = 515)

12 Retirement Saving / Investment Vehicles Savers in the X (78%) and Y (73%) cohorts are significantly more likely to use 41(k) / 43(b) and other employer-sponsored retirement savings vehicles than other age cohorts A higher proportion of the Mature and Baby Boomers use other vehicles such as money market or savings accounts and IRAs than younger cohorts All Mature Baby Boomers Gen X Gen Y % of Respondents (k) / 43(b) / Employer-Sponsored IRA (Traditional or ROTH) Other like Money Market / Savings Account Which of the following savings/investment vehicles do you use to save money for retirement? (Select all that apply) Base: Those who are not retired and are saving for retirement (n = 1119) - Mature (n = 63), Baby Boomers (n = 267), X (n = 394), Y (n = 395)

13 Saving History: Age Overall, survey respondents would have preferred to have started saving for retirement 8 years earlier than they actually did: The Mature and Baby Boomers would have preferred to have started saving 11 years and 1 years earlier, respectively Gen X and Gen Y have a significantly narrower difference: 4 years for Gen X and 2 years for Gen Y Although not shown on this graph, those who haven t started saving yet expect to start, on average, when they are 41 years old much too late for prudent retirement planning Age first started saving Age would have liked to started saving 4 38 Mean Age All 27 Mature Baby Boomers Gen X Gen Y At what age did you first start saving for retirement? At what age would you have liked to start? Base: First started those who have saved (n = 1714) Mature (n = 482), Baby Boomers (n = 428), Gen X (n = 46), Gen Y (n = 398) Like to have started those who saved or would like to have started (n = 1635), Mature (n = 379), Baby Boomers (n = 43), Gen X (n = 427), Gen Y (n = 426)

14 Saving History: Past Acceleration of Savings 41% of survey respondents who have started saving for retirement have accelerated their savings at some point in the past this is significantly higher for the Mature (51%) and Baby Boomer (46%) cohorts: Married males (48%) are significantly more likely to have accelerated saving in the past than others (36%) Events that stimulated acceleration of savings are numerous. The most common were: Increase in income (21%) Realized needed more money for desired lifestyle (9%) Approaching retirement / getting older (8%) % Who Said Yes Examples of other events mentioned by 5% or less of respondents included: Employer started offering incentives Economy Wanted to retire sooner Children moved out / finished college Had children Legally allowed to Catch-up opportunity All Mature Baby Boomers Gen X Gen Y Was there a time in the past when you accelerated your savings to help ensure you will / would have enough money for your retirement? Unexpected income Advice from an expert / friend To get a tax break Sold property / stocks / etc. Base: Those who have or are saving (n = 1775), Mature (n = 495), Baby Boomers (n = 453), Gen X (n = 415), Gen Y (n = 412)

15 Saving History: Obstacles 73% of respondents have experienced obstacles when saving for retirement: Significantly more Mature survey respondents (41%) report having never had obstacles in saving for retirement than other age cohorts (22%) More married males (32%) have never had obstacles than others (24%) Most common events or situations that caused a pause / cut back in saving for retirement: (Base: Those who faced obstacles, n = 1486) 3% Lack of / steady employment Those without children (3%) are more likely to have never had obstacles than those with children (21%) 27% Paying off major debts, not including a mortgage % of Respondents Didn t Have Any Obstacles 73 Have Had Obstacles What events or situations, if any, have you faced (or did you face if you re already retired) that caused you to pause or cut back on saving for retirement? 9% 8% 14% % % Education expenses Healthcare expenses, not including elder care expenses Paying off a mortgage Just didn t get around to saving Divorce expenses like lawyers fees, child or spousal support Base: All respondents (n = 29), Mature (n = 52), Baby Boomers (n = 54), Gen X (n = 55), Gen Y (n = 518)

16 Retirement Savings Goals and Beliefs Among Non-Retirees

17 Expectations of Financial State in Retirement Overall, a slight majority of respondents (53%) believe their financial state is going to be about the same in retirement as it is now: Significantly more of the Y cohort (32%) believe they will be better off financially in retirement than others (12%) 6 5 All Mature Baby Boomers Gen X Gen Y % of Respondents Worse Than Now About the Same Better Than Now Which of the following statements best reflects your opinion about your financial state in retirement? Base: Those who are not retired (n = 1434) - Mature (n = 83), Baby Boomers (n = 343), X (n = 493), Y (n = 515)

18 Why Some Believe Retirement Will Be Worse Those who believe they will be financially worse off in retirement were asked to explain why they hold that belief (open-ended question) A wide variety of low frequency responses were given. The most common ones were: 8% 24% I haven t / can t save enough money % Income will be less Cost of living increases 8% Economy The cost of things keeps going up and I know my retirement income will not - Mature I (68 years old) We can't afford to save up for retirement at the moment and it looks like we won't be able to then - Y (35 years old) Insufficient savings - Baby Boomer (48 years old) Already have done the math and can't afford to take more out of my paycheck right now - Baby Boomer (54 years old) I haven't started saving early enough. There won't be enough time to catch up - X (41 years old) Don t have enough saved and the interest paid is way too low today - Mature (69 years old) (34 Inflation, rising gas prices and costs of healthcare - Baby Boomer (57 years old) don't know if social security will still be around when I retire - Y years old) Inflation and healthcare costs - X (47 years old) Base: Those believe they will be worse off financially in retirement than they are now (n = 385)

19 Why Some Believe Retirement Will Be Better Those who believe they will be financially better off in retirement were asked to explain why they hold this belief (open-ended question) A wide variety of low frequency responses were given. The most common ones were: 12% 12% 31% Will have saved enough Have started young / planned Will have paid off loans / debt 8% Will not have a mortgage 7% Due to investments Have saved more than necessary for my lifestyle - Mature (68 years old) I Have some really attractive investments - X (38 years old) Mortgage Started saving for retirement at an early age - Y (25 years old) Because I will be getting money from my investments - Baby Boomer (53 years old) I am planning ahead to make sure I have a comfortable retirement - Y (35 years old) Both my husband and I saved for this, we will have enough money to live comfortably, our house is paid for - Baby Boomer (61 years old) (54 Because I have been saving all I can - Baby Boomer will have everything paid off - Mature (75 years old) years old) paid off, IRA and 43b doing well, will earn more per month and fewer expenses - X (38 years old) Base: Those believe they will be better off financially in retirement than they are now (n = 283)

20 Saving Goals: Amount & Expected Sources Overall, 31% of respondents indicate they have a specific savings goal: The Mature who are still not retired (13%) are less likely than others (31%) to have a specific retirement savings goal Married males (39%) are more likely to have a specific retirement savings goal than others (27%) Those who have children (38%) are more likely to have a specific retirement savings goal than others (25%) Those with household incomes of more than $1K per year (4%) are significantly more likely to have a specific goal than those with lower incomes (28%) Of the 31% who have a specific goal, the average (median) retirement savings goal is $75,: 71% of those with specific savings goals plan to save $1 million or less There are no statistically significant differences in goals between age cohorts % of Respondents Average $75, Yes 69 No Do you have a specific savings goal? Those with specific savings goals believe it will come from: Working / saving money themselves (86%) 41k (6%) Investments, other than real estate/41k/ira (56%) IRAs (4%) Social Security / Government pensions (4%) Pension from work, other than 41k/IRAs (28%) Real estate investments (24%) An inheritance (16%) Base: All respondents who are not retired (n = 1434)

21 Percent Saved & Confidence of Reaching Goal Overall, people have only saved 28% of their total savings goal, on average; however, not surprisingly, this figure changes significantly depending on age cohort: Mean % of Goal Saved The few Mature who are not retired (n = 11*) are within less than 3% of their goal Baby Boomers have only achieved just under half of what they believe they need or want for retirement savings All 71 * Mature 49 Baby Boomers What percentage of the money you said you wanted to save do you already have saved? 26 X 15 Y About half from each cohort, (except the Mature ) are confident they will achieve their savings goal Most frequently mentioned reasons why people don t think they ll achieve their goals are: % Who Agree Hard times / bad economy (26%) Not enough income (22%) Expenses (%) Not enough time (11%) 54 All 73 * Mature Baby Boomers X 59 Y I am confident that I will achieve my [$ savings goal] by the time I retire * Note: very small number of observations interpret with caution Base: Respondents who are not retired and have a specific $ goal for retirement savings (n = 442), Mature (n = 11*), Baby Boomers (n = 94), Gen X (n = 165), Gen Y (n = 172)

22 Life Expectancy & Financial Needs In Retirement Overall, most believe they will require income for years depending on age cohort (median = years) On average, the amount of money survey respondents believe they will need to live comfortably is $3, per month; however this varies significantly both within and between cohorts - Mature believes they will need more than other cohorts Median Number of Years Median Income Per Month All Mature Baby Boomers X Y All Mature Baby Boomers X Y For how many years do you expect to require income once you retire? How much money per month do you think you will need to live comfortably? Base: Respondents who are not retired (n = 1434), Mature (n = 83), Baby Boomers (n = 343), Gen X (n = 493), Gen Y (n = 515)

23 Relative Financial Requirements in Retirement The absolute amount of money people believe they will need per month may be less important than whether they think they will require less, about the same or more money to live per month when they retire: Most (8% overall) feel they will require the same amount of money they currently live on now or less Significantly more Y respondents believe they will require more money compared to now % Who Said Same or Less All 91 Mature Baby Boomers X You said you would need [$ amount] per month to live comfortably, is this less, more or about the same as what you live on now? 71 Y All non-retired survey respondents were asked what they would do if they retire and find out they don t have enough money to live comfortably working part-time, cutting back on discretionary expenses and moving to less expensive housing were the most common answers given: Work part-time or full-time Cut back on discretionary exp., e.g., travel, mobile phones,/tablets, 59% etc. 36% Seek public assistance Take out a reverse mortgage Move in with children / family Move to less expensive housing 15% Sell home Work to full-time live from the proceeds 9% 8% 6% 14% Sell car / take public transportation 8% Base: Respondents who are not retired (n = 1434), Mature (n = 83), Baby Boomers (n = 343), Gen X (n = 493), Gen Y (n = 515)

24 Why Less / More Money Required in Retirement Those who indicated that they thought they would require less or more money in retirement than they live on now were asked to explain why with an open-ended question Most common unprompted answers why some believe they will require less money in retirement were: 41% No mortgage / rent 21% I won t have any children 17% Fewer expenses 11% No debt Most common unprompted answers for why some believe they will require more money in retirement were: 28% Cost of living / inflation 23% More leisure expenses / travel % Medical expenses Base: Why More: Respondents who believe they will require more money in retirement (n = 287) Why Less: Respondents who believe they will require less money in retirement (n = 586)

25 Retirees Experiences Since Retirement

26 Perceived Lifestyle Changes Due to Finances Only half of retirees feel they have not had to make changes in their lifestyle during retirement 37% of retirees indicated they have had to make the following types of changes: Cut back on discretionary expenses like travel, entertainment, mobile phones/tablets, etc. (67%) Work part (%) or full time (3%) Moved to less expensive housing (16%) Note: % indicated their lifestyle changed but didn t need to do anything, as these changes were planned Primary reasons retirees gave for why they had to cut back during retirement were: 14% 12% 36% Income was less / didn t want to run out of money Inflation / increasing costs Medical expenses 7% Economy Not enough / market money / didn t want to run out % of Respondents % Only have social security and it s not enough Disagree Neutral Agree Agree or Disagree? Since I retired, I haven t had to change my lifestyle in any significant way due to my financial situation. Base: Those who are retired (n = 595)

27 Retirees Advice for Those Not Yet Retired Retirees were asked what one most important piece of advice they have for people who are not yet retired. The following unprompted reasons were the most common ones given it s not rocket science: 41% Save as much as you can 23% Start saving as early as possible 13% Plan / get a financial advisor 7% Limit expenses / defer pleasure until later 6% Pay off debt as soon as possible Always put a little or a lot aside depending on your circumstances - Mature (78 years old) Cut back on present pleasures for future security - Mature (69 years old) Start saving young and learn to live below your income - Mature (69 years old) Make Do not retire until you are ready physically, mentally and financially so you can enjoy what you have earned - Mature (69 years old) Do your homework. Talk to a financial advisor - Baby Boomer (61 years old) Start saving EARLY, even if it s just a little bit each week/month - Baby Boomer (7 years old) 5% Don t take early retirement / work as long as possible You should be saving at least 1% of your income as soon as you start working as an adult - Baby Boomer (59 years old) sure you know how much you will need to live comfortably and plan to be debt-free when you do retire - Mature (68 years old) Base: Those who are retired (n = 595)

28 Retirement Saving Strategy Confidence Index

29 Retirement Saving Strategy Confidence A modification of the Net Promoter Score 1 was used to identify the proportion of survey respondents that is more (promoters) and less (detractors) confident in the strategy they adopted with respect to saving for retirement: Survey respondents were asked to indicate how likely they would be to recommend the approach they have taken to save for retirement to others using an 11-point scale where means extremely unlikely, 5 means neutral and 1 means extremely likely As illustrated below, there are far more people who are not confident about their approach to savings than those who are confident of it The Mature is significantly more confident than Baby Boomers, Gen X or Gen Y cohorts All Lost Baby Boomers Gen X Gen Y Net Retirement Savings Strategy Confidence Index (Promoters Minus Detractors) % of Respondents (RSSC Index) Overall Baby Boomers X Mature Y Not Confident Neutral Confident Detractors ( to 6 on scale) Promoters (9 and 1 on scale) Note: RSSC Index can vary from -1 to +1. A score of means as many people are confident as are not confident in their strategy a score of 5 or more suggests the target group is very confident Base: All respondents (n = 29), Mature (n = 52), Baby Boomers (n = 54), Gen X (n = 55), Gen Y (n = 518) 1. The Net Promoter Score is a trademark of Satmetrix Systems, Inc., Bain and Company, and Fred Reichheld. TD Ameritrade, Inc. and Satmetrix Systems, Inc., Bain and Company, and Fred Reichheld are separate, unaffiliated companies.

30 Conclusions

31 Conclusions Almost 1 out of every 2 Americans (48%) is NOT looking forward to retirement: Their # 1 concern is not having enough money saved Others also like their job, want to remain active, and to continue working Those who are married are more likely to be looking forward to retirement as they are more financially prepared for this change in lifestyle Those who are already retired are satisfied, proud and positive; however, those who haven t yet retired feel differently: Baby Boomers are anxious and regretful as they see retirement coming and they re not ready X is embarrassed, frustrated and envious, as they would like to retire in comfort but don t know how they will be able to do so Y feels out of control and relatively disinterested, as retirement is very far away and they believe social systems may have collapsed by the time they are retire in fact, it s not clear they believe that retirement as currently conceived will even exist Gen X and Gen Y are starting to save almost a decade earlier than Baby Boomers and the Mature : Older people regret that they didn t start saving for retirement earlier, and Gen X and Gen Y are benefitting from the previous generation s experience

32 Conclusions (cont d) Three-quarters (73%) of Americans have faced obstacles saving for a comfortable retirement. The 4 most often cited obstacles are: Lack of employment / steady employment, debt load, education and healthcare expenses Most Americans (73%) believe their finances in retirement will be the same or better than they are now, the most optimistic (perhaps naïve) cohort being Y, with an overwhelming 81% such believers because they think: They will have prepared and saved enough for retirement Their expenses will be lower They will be debt-free More than two-thirds (69%) of Americans have no specific savings goal: Those with a goal believe $75, dollars, on average, will be enough we know it is not They believe their retirement income will come from their devotion to saving themselves, from pensions and a variety of other sources 4% are expecting to depend on government aid and 16% on inheritances Those who are married and/or have children are more likely to have a specific retirement savings goal than those who are single or do not have children

33 Conclusions (cont d) Americans are NOT confident that they will reach their retirement savings goal only 54% believe they will make it Americans are worried they won t have enough money and plan to work in retirement, cut back on discretionary expenses, and live in homes that are of a lower standard than they re used to: They plan to work full-time (22%) or part-time (7%) in retirement to make up for this gap Inflation is their #1 concern People s estimates of how long they will require retirement income are relatively accurate: They believe they will require 18 to 22 years of retirement income, slightly less than the to 25 years that statistics indicate they will actually need The vast majority of Americans believe they will need the same or less income per month in retirement than they do now: Unfortunately: we know that income needs typically increase in retirement due to inflation, healthcare and assisted living requirements, and other unexpected costs Reality: 1/3 of retirees indicate that they have had to change their style of living almost ¼ have gone back to work they recommend: saving earlier and more, limiting expenses and working longer

34 Appendix Study Sample Characteristics

35 Study Sample Characteristics Region Employment Status % of Respondents % of Respondents New England Mid-Atlantic South Midwest Southwest West Employed Unemployed Students Retired Education Presence of Dependent Children % of Respondents Technical degree or less University degree or more Prefer not to answer % of Respondents Yes 64 No Gender by Marital Status Total Household Income % of Respondents % of Respondents Single Males Married Males Single Females Married Females Under $1K per year $1K + per year Prefer not to answer Base: All respondents (n = 29)