Although Americans overall have “a dwindling sense of financial confidence,” older people are more optimistic than ever, according to the 2022 Wealth & Wellness Index released Monday by retirement services provider Empower and hybrid wealth manager Personal Capital from a survey conducted by the Harris Poll.
The survey sample included 2,006 Americans aged 18 or more years; 25% of the respondents were aged more than 65 years.
“Many [younger seniors] have accelerated their [retirement plans],” Jonathan Lore, senior financial adviser at Personal Capital, told the McKnight’s Business Daily.
“Retirement is a little different than what it was for their parents. …For our clients that we work with, it’s more about having something to retire to; it’s not just stopping work in a rocking chair,” he added. Lore said that some of his clients are retiring to become their own bosses as consultants, some are working on hobbies and others are traveling more.
“They’re going back to school even,” he said.
About half of the respondents said they believed that their debt is manageable, whereas 61% of the 65 and older respondents saw their debt as under control.
“Despite this relatively recent decline in confidence, American consumers report feeling optimistic about their longer-term financial futures. According to the study’s key indicators of financial wellness, many are feeling hopeful and optimistic (40%) about their path towards optimizing their financial health,” according to the report.