Tuesday, April 30, 2013

Wells Fargo: More than half of N.C. residents fret over retirement savings

More than half of North Carolina residents surveyed by Wells Fargo worry that they will not be able to save enough to retire, and only half think they will be able to sustain their current lifestyle in retirement.

The San Francisco-based bank released the survey results Tuesday.

The study also says that 58 percent of North Carolina households are more focused on reducing debt instead of preparing to retire.

But the study also found that 52 percent of residents feel comfortable financially, while 45 percent think their financial situation has improved over the past three years.

Many North Carolina residents are cutting back on their spending and concerned about their debt, the study shows. A total of 46 percent of residents have reduced what they spend just to make ends meet, while 39 percent are living from paycheck to paycheck. Two in five residents, especially those under the age of 50, have more debt than they are comfortable with.

In other study findings:

  • Each month, 39 percent of residents have at least $1,000 in unpaid credit card debt.
  • Only 41 percent have cut back on their spending in order to save for retirement.
  • Only 42 percent are optimistic about the "political direction" of the country.
Wells Fargo said the study is based on online responses, from Nov. 9 to Dec. 3, of 1,105 U.S. residents and 500 North Carolina residents. The maximum margin of error for the national results is 2.9 percent, while the margin of error for the North Carolina results is 4.4 percent.