Retirement survey in Denver reveals financial concerns

9:24 AM, Jun 3, 2013   |    comments
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KUSA - In a world filled with surveys about money and finances, most of them are national snapshots and rarely drill down to what is going on in Denver.

The one 9NEWS discussed Monday morning is different. Wells Fargo has issued its Denver-specific retirement survey to get an update of where people in the area are in respect to their retirement planning and their daily financial concerns.

Overall, 28 percent reported that they spend more than they can afford, and 33 percent say that hinders their ability to save for future needs. These numbers jump significantly for Denver adults between ages 40 to 49. Of those adults, 42 percent said they spend more than they can afford, and 48 percent of them said that impacts their savings.

Nearly half (46 percent) of those surveyed reported living paycheck to paycheck.

More than 40 percent reported having more debt than they are comfortable with (especially more middle-aged Denver adults ages 40 to 49), and 54 percent said that reducing existing debt takes precedence over saving for retirement.

The majority (66 percent) of Denver households with adult children report that supporting their children will impact their retirement savings.

(KUSA-TV © 2013 Multimedia Holdings Corporation)

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