According to a recent study conducted by Allianz life, not all Americans are able to get the financial advice they need. Which is pretty troubling given the recent economic turmoil.
The 2021 Retirement Risk Readiness Study highlighted the particular difficulties faced by certain demographic groups, in getting professional help with their finances.
The study lays out what obstacles are in the way of a broad swath of Americans. Respondents included many Black, Asian and Hispanic Americans who either had trouble or even felt unable to access financial advice or engage with retirement planning.
Over 50% of Black, White and Hispanic people surveyed expressed concern that they would not have the funds to retire, and more than 60% of Asian Americans have similar worries.
The differences become more stark when different groups were asked if they expected to be able to enjoy their retirements given the rising cost of living outstripping incomes. 54% of Black Americans believe rising costs will prevent them from enjoying retirement whereas a whopping 74% of Asian Americans feel the same.
The other major financial concern is of course healthcare costs, with most respondents being unsure about whether they could cope with significant hospitalisation or treatment. They also expressed the desire not to become a financial burden on their families.
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