Data released recently by Hartford Funds uncover Americans’ top financial concerns as they age, as well as what worries them the most about their aging parents. Overwhelmingly, Americans worry about becoming a financial burden on their family members and not having saved enough money. In addition, survey respondents are most worried about their aging parents maintaining a high quality of life.
“Finances are of course important, but disproportionate compared to qualitative issues like caregiving and maintaining a social network of family and friends,” said John Diehl, Senior Vice President, Hartford Funds. “Advisors need to be thinking about these qualitative, human-centric considerations when they approach discussions about aging with their clients.”
Eliminating the financial burden
Running out of money and becoming a financial burden to their children are the top concerns associated with aging, which were identified by survey participants (40 percent). Younger respondents, those between 35 and 54 years old, are particularly worried about these issues; nearly half (45 percent) cited these concerns, compared with one-third of their older counterparts.
Additional disparities emerged on the topic when looking at income. Specifically, those with income between $75,000 and $100,000 are more concerned about these issues than any other income group. In fact, they are nearly twice as likely to worry about being a financial burden on children or running out of money as respondents who make $50,000 to $74,999 annually (50 percent and 29 percent, respectively).