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St. Louis Business & Technology News
www.slfp.com/SLFPBIZp.htm "When you think Saint Louis, think Saint Louis Front Page," a weekly publication covering the news and events in the greater St. Louis area. 
St. Louis Front Page P.O. Box 1354 St. Louis, MO 63188 Voice: 314-771-0200 Fax: 314-771-0300 To submit news, contact: editor@slfp.com To advertise, contact: advertising@slfp.com 
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Majority of Adults Believe Their Future Financial Situation Will Be Better ST. LOUIS, MO, (PRNewswire-FirstCall), March 18, 2007 - When it comes to the financial future, there is a sense of short-term optimism and long-term concern among U.S. adults. Three in five (60%) say financially, this year is better than last year and slightly higher percentages (64%) say that next year their financial situation will be better and more secure than it is this year. Looking to the future, over half (56%) of adults worry about their financial future more often today than in the past year and 61 percent do not know what their financial needs are going to be in the future. Looking specifically to retirement, almost half (48%) are confident they will have enough money to live as well then as they do now. These are some of the results of a Harris Poll of 2,021 U.S. adults conducted online between February 23 and 27, 2007 by Harris Interactive(R). This data was also presented at the National Chamber Foundation Board Annual Meeting on March 5, 2007. When asked to choose the most important concern they have today about their financial future, almost half (48%) of adults say it is being able to afford the cost of living, followed by having enough savings for retirement (40%). Three in 10 (31%) say the most important concern is being uncertain about things that could affect their family finances in the future and just under one-quarter (22%) cite having enough money to pay for their family's healthcare needs. One in five (19%) are concerned about saving for long-term care for themselves or their family, 11 percent cite being able to afford the cost of college for themselves or their family and just eight percent say none of these are concerns they have about their financial future. When it comes to concerns about current financial issues, the most pressing is cash on hand. Six in 10 adults (61%) say they are concerned that they don't have enough money. This leads into the two in five (44%) who are concerned they may not be able to keep a job that will pay them enough. One issue may be financial management, as about half (49%) of adults say they are concerned they have not paid enough attention to managing their finances as they should have and 48 percent are concerned they don't know enough about financial planning. There is definitely a difference in opinion on this topic depending on income group membership. Across the board, those who have a lower household income (of less than $35,000 a year) are more likely to be concerned about financial issues, while those who have a higher household income ($75,000 and above) are less likely to be concerned. The interesting group is those who are in the middle with a household income of between $35,000 and $74,999 a year. When it comes to certain financial attitudes, such as believing their financial situation will be better and more secure next year than it is this year, this middle income group falls right in the middle (57% lower income, 67% middle income, 75% higher income group). However, for more items, they tend to align more closely with the lower income group. For example, 64 percent of the lower group and 60 percent of the middle income group say they worry a great deal about their financial future more often today than in the last year, compared to 45 percent of the upper income group. When it comes to specific financial concerns, having enough savings for retirement is most important for the upper income group (44%), while the middle income and lower income groups both cite being able to afford the cost of living as the most important concern (49% and 63% respectively). The more money one has, the more opportunity one has to enjoy life in the future. There are also some broad issues that worry the American public. Three- quarters (74%) of adults are concerned that society is making rich people richer while it is getting harder for working people to make a living. The U.S. economy is also a cause for alarm, as two-thirds of adults (66%) are concerned that something will go wrong with the U.S. economy. Of note, this survey was conducted before the recent volatility in the financial markets. The federal government is also a cause for concern for adults. While more than two-thirds (69%) are concerned that the government will take away benefits for things like retirement, the highest level of concern is reserved for political leaders. More than eight in 10 (84%) adults do not trust political leaders to solve the problems with our country's healthcare and retirement systems. While most of the concerns are different for these groups, there are two that are very similar. First, all three groups are concerned that something will go wrong with the U.S. economy (60% upper income group, 67% middle income group, 69% lower income group). Second, more than eight in 10 of all three groups do not trust political leaders to solve the healthcare and retirement problems (82% upper income group, 86% middle income group, 83% lower income group). It appears that some things are truly universal concerns.  
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