Friday, March 14, 2008

Survey: Older Workers Growing More Comfortable with Change

Most working Americans aged 50 and older (65%) are becoming more comfortable with change and uncertainty as they grow older according to a survey released by SecurePath by Transamerica. Furthermore, the survey reports that 50% of these workers say they are at their best during times of change and 50% say that change is exciting. Based on employee attitudes, the survey differentiating pre-retirees and identifies four key segments based on their “change profiles”:
  • Venturers: employees exhilarated by change--they have a high level of confidence about investing and retirement.
  • Adapters: employees who tend to shy away from change finding it stressful but also exciting--many feel they will be in control of their retirement, are confident they will handle the transition well, and believe everything will work out.
  • Anchoreds: employees who look for consistency in their lives rather than seek change--their apprehension towards change negatively affects their confidence in their retirement savings and their investing and may lead them to be less prepared for retirement.
  • Pursuers: employees who prefer change and find it exciting, but don’t always feel they handle it well--as a group, they are the most likely to say they will continue working instead of retiring. Their desire for change coupled with their lack of confidence leaves them open to retirement planning ideas but also with a need for reassurance in order to execute.
Among other fndings, the study suggests they are not only comfortable with the uncertainty; they also may be more realistic than commonly thought about their next life stage. In this regard, it finds that 68% plan to be working in some capacity as they age.

Source: SecurePath by Transamerica Press Release (March 12, 2008)

No comments: