The Association for Financial Counseling and Planning Education® (AFCPE®) presents the results from a statewide survey that examined the retirement preparedness of Georgians. The survey, which was funded by a grant from the Investor Protection Trust (IPT) in collaboration with Georgia Secretary of State, Brian P. Kemp, revealed that 42 percent of Georgia residents believe they are not adequately contributing to their retirement accounts. Here are the results:
Q1 How far along would you say you are in planning for your retirement finances?
| Haven’t started planning for my retirement finances | 12% |
| Just starting now | 8% |
| Started but then had to stop because the money was needed for other reasons | 22% |
| Have a financial plan in place and are following it | 52% |
| Not sure | 6% |
Q2 Which of the following is the main reason why you haven’t started planning for your retirement finances?
| Plan to live on Social Security and other financial resources | 21% |
| Just don’t know enough about saving and investing to feel comfortable doing it | 33% |
| Don’t have enough money to save or invest so don’t need a plan | 28% |
| Have some money to put aside for retirement but can’t afford a financial planner or financial counselor | 9% |
| Don’t trust the financial markets and/or financial professionals | 8% |
| Not sure | 1% |
Q3 Do you agree or disagree with the following statement: It costs a lot to use a financial counselor or financial planner.
| Agree that it costs a lot to use a financial counselor or financial planner. | 48% |
| Disagree that it costs a lot to use a financial counselor or financial planner. | 31% |
| Not sure | 21% |
Q4 Do you agree or disagree with the following statement: Financial counselors and financial planners are only for rich people.
| Agree that financial counselors and financial planners are only for rich people | 28% |
| Disagree that financial counselors and financial planners are only for rich people | 61% |
| Not sure | 12% |
Q5 Do you agree or disagree with the following statement: I am so far behind on saving or investing for retirement that it would be embarrassing to meet with a financial counselor or financial planner.
| Agree that I’m so far behind on saving and investing for retirement that it would be embarrassing to meet with a financial counselor or financial planner | 21% |
| Disagree that I’m so far behind on saving and investing for retirement that it would be embarrassing to meet with a financial counselor or financial planner. | 65% |
| Not sure | 14% |
Q6 Do you know the difference between a financial counselor and a financial planner, or not?
| Yes, I do know the difference between a financial counselor and financial planner | 57% |
| No, I do not know the difference between a financial counselor and financial planner | 34% |
| Not sure | 10% |
Q7 Do you use someone to help you with your investments, or not?
| Yes, I use someone to help with my investments | 39% |
| No, I do not use someone to help with my investments | 55% |
| Not sure | 6% |
Q8 If you use someone to help with your investments, how did you select the person?
| Based on a recommendation from a relative, friend, co-worker or neighbor | 66% |
| Based on advertisements on TV, radio or in print | 5% |
| Through online research | 8% |
| By responding to a solicitation by phone, email or mailing | 3% |
| Researching the person’s background before selecting them | 15% |
| Not sure | 3% |
Q9 When using a financial professional, have you ever verified they are licensed to do business in Georgia, or not?
| Yes, I have verified if they are licensed to do business in Georgia | 73% |
| No, I have not verified if they are license to do business in Georgia | 25% |
| Not sure | 2% |
Q10 When using a financial professional, have you ever checked to see if the investment products they are selling are registered with the state of Georgia, or not?
| Yes, I have checked to see if the investment products they are selling are registered with the state of Georgia | 49% |
| No, I have not checked to see if the investment products they are selling are registered with the state of Georgia | 44% |
| Not sure | 7% |
Q11 When using a financial professional, have you ever contacted the Securities & Charities Division, Office of the Georgia Secretary of State, Brian P. Kemp, or not?
| Yes, I have contacted the Securities and Charities Division, when using a financial professional | 16% |
| No, I have not contacted the Securities and Charities Division, when using a financial professional | 82% |
| Not sure | 2% |
Q12 When using a financial professional, have you ever checked the background of the financial professional through FINRA’s BrokerCheck website, or not?
| Yes, I have checked a financial professional’s background through FINRA’s BrokerCheck website | 24% |
| No, I have not checked a financial professional’s background through FINRA’s BrokerCheck website | 72% |
| Not sure | 4% |
Q13 Which of the following would you do with a million-dollar windfall that you received as the result of an inheritance, insurance settlement, or winning the lottery?
| Take a dream vacation and buy a number of things I have always wanted to have | 6% |
| Pay off debts and make a major purchase – such as a house | 25% |
| Share much of the money with my children or other family members | 31% |
| Save and invest all or most of the money for my retirement | 30% |
| Not sure | 9% |
Q14 If you are a woman, press 1. If a man, press 2.
| Woman | 53% |
| Man | 47% |
Q15 If you are a Democrat, press 1. If a Republican, press 2. If an independent, press 3.
| Democrat | 41% |
| Republican | 40% |
| Independent | 19% |
Q16 If you are Hispanic or Latino, press 1. If white, press 2. If African-American, press 3. If other, press 4.
| Hispanic / Latino | 5% |
| White | 61% |
| African-American | 29% |
| Other | 5% |
Q17 If you are 18-45 years old, press 1. If 46-65, press 2. If older than 65, press 3.
| 18 to 45 | 26% |
| 46 to 65 | 42% |
| Older than 65 | 32% |
Q18 Do you live in an urban area, a suburban area, or a rural area?
| Urban area | 21% |
| Suburban area | 41% |
| Rural area | 39% |
Q19 What is your household’s annual income?
| Less than $25,000 a year | 25% |
| Between $25,000 and $50,000 | 19% |
| Between $50,000 and $75,000 | 18% |
| Between $75,000 and $100,000 | 13% |
| More than $100,000 | 15% |
| Don’t care to say | 10% |
Q20 Do you own or rent your home?
| Own | 85% |
| Rent | 15% |
Q21 Roughly how much equity do you have in your home?
| No equity so far | 13% |
| Less than $5,000 | 9% |
| Between $5,000 and $25,000 | 10% |
| Between $25,000 and $50,000 | 11% |
| Between $50,000 and $100,000 | 15% |
| Between $100,000 and $250,000 | 19% |
| Between $250,000 and $500,000 | 7% |
| More than $500,000 | 2% |
| Not sure / Don’t care to say | 14% |
Q22 Including your mortgage, how much debt are you carrying today?
| Less than $5,000 | 37% |
| Between $5,000 and $25,000 | 13% |
| Between $25,000 and $50,000 | 6% |
| Between $50,000 and $100,000 | 5% |
| Between $100,000 and $250,000 | 7% |
| Between $250,000 and $500,000 | 4% |
| More than $500,000 | 0% |
| Not sure | 2% |
| Don’t care to say | 25% |
Q23 Not counting the value of your home, roughly how much do you have saved or invested for retirement in any other way?
| Nothing so far | 17% |
| Less than $5,000 | 6% |
| Between $5,000 and $25,000 | 7% |
| Between $25,000 and $50,000 | 6% |
| Between $50,000 and $100,000 | 6% |
| Between $100,000 and $250,000 | 7% |
| Between $250,000 and $500,000 | 5% |
| More than $500,000 | 7% |
| Not sure / Don’t care to say | 40% |
In response to the survey results, the Secretary of State’s Securities Division will join the AFCPE®, along with AARP Georgia, Detroit Public Television and the Investor Protection Institute, for an informative event at Georgia State University’s College of Law on Tuesday, October 16, 2018 from 5 to 8 PM. The “Fund Your Future Paycheck: An Investor Education & Protection Event” is free and open to the public and media and registration is required. Registration and Event Details >
