"Men, who tend to be more aggressive investors than women, and those nearing retirement are understandably shaken by the recent impact to their portfolios and retirement accounts," says Keith Brannan, vice president of financial security planning. "The circumstances can be overwhelming and it's easy to feel like your financial security is out of your control. Stay calm and talk to a knowledgeable professional who can help you create a tangible plan."
Men's concerns spike, women's sentiments stable
- Men grew more pessimistic about all measures comprising their financial security in October, while women's sentiments held steady. There was an 11-point drop to 67 percent among men who feel confident they could send their children to college and a seven-point slide to 54 percent in men able to save or invest.
Pre-retirees hardest hit
- Those 50-64 years old grew more pessimistic about their financial security in October than any other age group. Just 61 percent are confident they will have the money to retire comfortably and 54 percent were able to save or invest recently, both down six points since August.
Higher income Americans express heightened concerns
- While financial security sentiments among Americans earning more than $100,000 annually have bucked the economic trend and remained stable year to date, their concerns spiked in October. There was a 27-point dive to 54 percent in those able to set aside money for savings or investments and a 34-point drop to 52 percent in those confident they will have the financial resources to send their children to college.
"Virtually all Americans are feeling the squeeze of the current economy in some way," adds Brannan. "But now is not the time to cash out your investments or make dramatic changes to your 401(k). If you do so, you will likely lose money. Instead, consider redirecting any new money you contribute to more stable investments until the market recovers."
