Fewer Americans want to retire, feeling financially better off

Fewer Americans want to retire, feeling financially better off

A Bank of America survey reveals that affluent Americans feel that they are better off this year compared to a year ago, buoyed by stronger investor confidence in the recovering stock market.

About 1,000 people with assets of at least $250,000 were surveyed by The Merrill Lynch Affluent Insights Quarterly from September 13 to October 7. The report showed that 41 percent of those surveyed claimed that they are more financially secure this year compared to 2009. Roughly 39 of Americans said that they are being extra cautious in investing this year, compared to 50 percent in the last survey, indicating more confidence in the market.

The 500 Index of Standard & Poor increased 23 percent in 2009 and 6 percent in 2010. In contrast, it fell 38 percent in 2008.

The report said that 79 percent of participants feel that they would be better off financially next year compared to this year.

Women outnumbered men in labelling themselves as conservative investors, with 44 percent of women opting for low-risk investments compared to 34 percent of men. About 17 percent of men considered themselves as aggressive investors compared to just six percent of women.

The number of those wanting to delay retirement climbed from 29 percent in January to 61 percent.  The Bank of America reports also said that up to 20 percent of the group said they have spent their savings on daily expenses.

Owners of small businesses are feeling more optimistic, with 56 percent reporting improvements in economic conditions and financial health in 2010.

Posted by James Fried on Tuesday November 02 2010, 4:46 AM EST. Ref: Bloomberg. All trademarks acknowledged. Filed under Featured News, Finance. Comments and Trackbacks closed. Follow responses: RSS 2.0