Did You Know?
From the Journal of Financial Planning (JFP) “Stat Bank” (www.financialplanningassociation.org/learning/publications/journal)Percentage chance you have of living past age 90 if you retire at age 65…25
-JFP, May 2018
Percentage of retirees who want to stay in their homes as they age…83
-JFP, May 2018
Number of U.S. senior citizens who are financially exploited each year through scams …5 Million
-Bloomberg May 2018
Amount of money in billions of dollars stolen each year from America's elderly through scams …37 Million
-Bloomberg May 2018
Percentage of cases of elder financial losses due to suspected fraud committed by family members or fiduciaries…36; Average loss per victim…$100,380
-AARP February 2019
Percentage of elderly individuals with significant declines in cognition who get no help outside of a spouse…50
-JFP, March 2015
Percentage of the American population age 65 and older who will eventually enter a nursing home…35
-JFP, December 2015
Percentage of people turning 65 who will need some form of long-term care…70
-JFP, December 2015
Average cost for private room in a nursing home in the U.S…$100,380
-Genworth Cost of Care Survey 2019
…$87,600 in 2015
-JFP, August 2015
Percentage of U.S. adults who carry long-term care insurance…3
-JFP, May 2016
Number of Americans who will likely require long-term care in 2050…27 million
-JFP, May 2016
Number of Americans who are now 65 and older today…47 million; Someone in America ages into Medicare every eight seconds
-JFP, January 2018
Number of caregivers providing unpaid care to an adult age 50 or older in the last 12 months…34 million
-Family Caregiver Alliance 2015
Number of adult family caregivers caring for someone who has Alzheimer’s disease or other dementia…15.7 million
-Family Caregiver Alliance 2015
Amount of lost wages and benefits incurred by family caregivers over age 50 who leave the workforce to provide care…$300,000
-JFP, January 2018
Total projected amount a couple with average income can expect to spend throughout retirement on health care…$395,000
-JFP, May 2015
Percentage of workers age 50 and older who are not saving for health care costs…38
-JFP, December 2014
Percentage of current retirees using Social Security as a major source of income…59
-JFP, October 2015
Share of workers with pensions in 2011…(~)10%…in 1979…(~)40%…
-JFP, February 2015
Percentage of today's workers who mistakenly think they'll be eligible for full Social Security benefits earlier than they qualify …49
-JFP, November 2006
Percentage of women who wait until their full retirement age to begin taking Social Security…15
-JFP, November 2014
Percentage of American workers who plan to work past the age of 65…59
-JFP, September 2011
The median retirement savings amount that average Americans between the ages of 55 and 64 have accrued…$104,000
-JFP, October 2016
Average retirement account balance for men, among those surveyed in February 2015…$121,000 …for women…$78,000
-JFP, June 2015
Percentage of Americans who say they are “extremely” or “somewhat” concerned about not having enough money for retirement…78
-JFP, August 2019
Percentage of male retirees who are very confident their savings will carry them through retirement at an acceptable level…47; …Percentage of female retirees who profess such confidence…30
-JFP, January 2010
The retirement income deficit—the difference between what Americans have saved for retirement and what they should have at this point…$6.6 trillion
-JFP, April 2013
Percentage of Americans who have less than $25,000 saved for retirement…53; Percentage of Americans who have less than $1,000 saved for retirement…35
JFP, June 2016
Percentage of millennials who are currently saving for retirement…55
-JFP, September 2015
Total cost of raising a child to independence in the Northeast U.S. (The) estimate includes food, clothing, healthcare, housing, transportation, entertainment, half of typical college tuition, and the mother’s lost wages…$1.8 million
-JFP, January 2013
Percentage of U.S. parents surveyed who cannot save for their children’s education because everyday living expenses have left no additional funds…69
-JFP, November 2014
Percentage of 21-to 24-year olds who rely on their parents for rent, utilities, or daily living expenses…42; Percentage of American millennials (ages 18-31) who live in their parents’ home, the highest rate in at least four decades…36
-JFP, March 2016 and February 2014
Percentage of respondents who say they have sacrificed or are sacrificing their own retirement savings in order to help their adult children financially …50
-Bankrate 2019
Percentage of U.S. adults who are caring for an adult child with significant health issues, up from 30 percent in 2010…36
-JFP, October 2013
Average cost of tuition, fees, and room and board at private, non-profit, four-year institutions for the 2016-2017 school year …$45,370
The College Board Annual Survey of Colleges 2016
Number of Americans who hold a total of $1.3 trillion in student loan debt
…44 million
-JFP, February 2018
Amount of debt the average American college graduate was left with in 2016…$37,172
-JFP, February 2018
Percentage of people who borrow money to send their kids to college who are defaulting on their loans…11
-JFP, February 2019
Median mortgage debt for families in the 55-64 age range, an increase from $34,000 in 1989…$97,000
-JFP, January 2013
Percent of American families that have some form of debt…74.5
-JFP, February 2015
Amount of consumer household debt as of the third quarter of 2019…$14 Trillion
-New York Fed 2019
Percentage of Americans earning $100,000 or more who use credit cards to buy necessities they can’t afford otherwise…34
-JFP, July 2011
Percentage of people reluctant to openly discuss their credit card debts …82
-JFP, November 2008
Number of months that 45 percent of Americans think they could meet their financial obligations if they lost their jobs…< 1
-JFP, October 2010
The gap between the amount of life insurance Americans have versus the amount they need…$320,000
-JFP, August 2015
The number of people with life insurance, down from 78% in 2004…70%
-JFP, August 2015
Average wedding cost in 2018…$44,000
-Brides 2018 American Wedding Study
Percentage of married people who do not completely trust their partner to manage their combined finances…40
-JFP, June 2013
Percentage of American couples who argue over money at least once a month …60
-JFP, June 2008
Percentage of married couples who discuss investment decisions related to retirement with one another …38
-JFP, August 2009
Percentage of U.S. Adults who have not made a will…52
-JFP, April 2019
Percentage of U.S. adults who have a health care power of attorney…53
-JFP, April 2018
Percentage of Americans who have living wills (Advanced Medical Directives) …40
-JFP, March 2017
Percentage of people surveyed who say it’s hard to know which sources of financial advice can be trusted…64
-JFP, October 2019
Percentage of retirement plan participants surveyed who do not use a financial professional…65
-JFP, August 2014
Number of people who don’t know how their financial adviser is compensated…1 in 5
-JFP, September 2019
Percentage of Americans who incorrectly believe all financial advisers have a legal obligation to act in the client’s best interests…48
-JFP, September 2019
Percentage of people who understand the difference between a planner who is a fiduciary and one who is not…21
-JFP, March 2019
Percentage of Americans who have not created a financial plan who say they do not know where to turn for financial advice…42.5
-JFP, February 2010
Percentage of parents who are uncomfortable discussing money matters with children…77
-JFP, August 2012
Number of compromised records exposed in the first six months of 2019 …4.1 billion
-Forbes August 2019
Percentage of millennials who expect to receive an inheritance in the future…68
-CNBC June 2017
Percentage of respondents reporting they’ve had a problem with a family member over dividing a dead relative’s belongings …64
-JFP, October 2007
Percentage of actively managed large cap mutual funds that lagged an S&P 500 Index Fund over the last 15 years…92.2
-MarketWatch May 2017
Percentage of large cap mutual funds that survived 15 years…34.1
-MarketWatch May 2017
Percentage of investors who failed to choose lowest-fee funds among comparable index funds even after given information on fees …80
-JFP, October 2006
Percentage of investors who are confident they can withstand a market shock…20
-JFP, April 2015
Percentage of participants paying fees associated with their 401(k) plan …95;
The average all-in cost…0.45%
-CNBC July 2019
Percentage of adults between the ages of 23 and 38 who said they are not using a budget …51
-Bankrate September 2019
Number of families out of every ten affluent families who will lose their fortune by the end of the second generation …7; Number of families out of every ten affluent families who will lose their fortune by the end of the third generation …9
-MarketWatch April 2017
Percentage of first-time exam takers who passed the November 2018 CFP® Certification Examination…64.6 Only 51.5 percent of repeat exam takers passed.
-CFP Board, November 2018
