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New Survey Shows More Than Half of All Senior Citizens Polled Plan to Return to Work or Delay Retirement as a Result of Financial Crisis
Majority of seniors call this the worst economic crisis they've ever witnessed and are acutely aware of the risks in today's markets
December 09, 2008 – Oakland, Calif. – Senior citizens remain more vulnerable than other segments of the population to losses in the stock market and in home values, and will have a harder time recovering that younger Americans from the current global financial crisis. A new study from Golden Gateway Financial, a comprehensive online financial resource for seniors, shows that seniors understand their precarious situation and are exploring aggressive actions to stay afloat in this economy.
Results showed that nearly 80 percent of the senior citizens polled are worried about the impact of the financial crisis on their retirement savings. These seniors are actively exploring ways to generate additional income, with more than half of respondents considering returning to the workforce or delaying retirement.
Additionally, Golden Gateway Financial reported that the percentage of calls to its reverse mortgage help center involving senior citizens facing foreclosure rose nearly 200 percent in the last three months.
“Older Americans are aggresively searching for ways to gain control over and offset losses that might be near to impossible to
recover in their lifetimes,”
said Eric Bachman, founder and CEO of Golden Gateway.
“This generation has seen and heard it all, and instead of asking them to overcome one more challenge, we must communicate
the alternatives and solutions available to them.”
Additional observations include:
- Over 60 percent of those 65 and older feel the economic crisis has permanently hurt their retirement savings
- Nearly 55 percent feel the current economic crisis is the worst they have experienced in their lifetime
- Three fourths of those surveyed are making adjustments to their lifestyle as a result of the current economic crisis
- Nearly one quarter said they have delayed making large purchases to conserve cash
- One quarter of respondents said they are either borrowing against their home or trying to sell it in order to generate income to survive
- Nearly one third of seniors said they were planning to delay retirement because of the current economic crisis
- More than 20 percent of respondants are considering returning to work because of the effect of the financial crisis on their personal plans
Select results are available online
Thomas Davidoff, Ph.D., and assistant professor at Haas School of Business, UC Berkeley, observed:
“As savings accounts continue to shrink, alternatives such as reverse mortgages are an even more attractive and natural way for
senior citizens to make retirement easier.”
The independent online survey, conducted with Crestwood Associates in partnership with Golden Gateway Financial, polled more than 800 homeowners from around the country. Actual percentage responses and a complete list of answers are available by contacting Golden Gateway Financial.
For Golden Gateway Financial's industry-leading suite of online retirement assessment tools and resources, please visit www.goldengateway.com.
About Golden Gateway Financial
Golden Gateway Financial, located in Oakland, California, is a comprehensive resource for senior citizens, baby boomers and soon-to-be retirees to assess their financial health at retirement. Golden Gateway helps clients reduce money concerns and live better during what should be the best years of their lives. The company's recognized resources, online tools, and award winning calculators make it the intelligent choice for seniors and their families who want unbiased and clear communication, comparison shopping for a reverse mortgage or life settlement*, and related services to help enjoy retirement. www.goldengateway.com
About Crestwood Associates
Crestwood Associates (www.crestwoods.com), located in Kirkland, Washington, is a market research firm serving both the private and public sectors. Staffed by a strategic combination of marketing and market research professionals, Crestwood Associates leverages the strengths of each discipline to maximize the ability of clients to leverage insights into market action.
Press Inquiries:
Michael Azzano
Cosmo Public Relations
415-596-1978
