Financial TipsAlan S. Moore / L’Observateur / November 15, 2000Each of us has a distinct personality that makes us who we are and often determines why we do the things we do. A recent survey concludes thatwhen it comes to money and retirement planning, there are six personality types – and that each type approaches these subjects in very distinct ways.
Published 12:00 am Wednesday, November 15, 2000
Here’s what the survey found.
Planners: Planners are careful money managers who seek to build wealth.
Two thirds of planners have tried to estimate how much they need to save for retirement and 81% are presently saving. In fact, 80 percent of themsay they are “very confident” or somewhat confident” that they will have enough money for a comfortable retirement.
Deniers: Deniers believe that preparing for retirement takes too much time and effort. Nearly 60% of deniers have no retirement savings and are theleast confident of all about having enough money for a comfortable retirement.
Strugglers: Strugglers know they should be regularly contributing to a retirement plan but find that hard to do. Only 40 percent of them haveretirement savings. Most strugglers are raising families and do not like tospend time on retirement planning.
Impulsives: Members of this group buy what they want when they want – which causes them occasional financial setbacks. Still, 59 percent areconfident of having a comfortable retirement, and more than half are currently saving. Impulsives are generally working couples with youngchildren.
Cautious Savers: Cautious savers are aware of the importance of saving for retirement, yet not all are driven to act on such knowledge. While 61 percentof this grope have started saving for retirement, only half (51 percent) have confidence in their future financial security. In general, members of thisgroup are from middle- to higher-income households with a high proportion of divorced and separated people.
Retiring Savers: This group is composed of middle- to high-income people ages 55 or older who are debt-free and disciplined savers. Almost 84percent of them have saved for retirement, but are invested in generally conservative investments.
Do you see yourself in any of these profiles? Do you want to work toward retirement security but have difficulty getting started? Perhaps a talk with your plan representative can help you get on the right track.
ALAN S. MOORE, who writes this column every Wednesday for L’Observateur,is a financial advisor of Legg Mason Wood Walker, Inc., a diversifiedsecurities brokerage and financial services firm that is a member of the New York Stock Exchange, Inc. and SIPC.
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