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American families feel under-protected

11/30/11

A new survey of more than 1,000 adults aged 30 and older by Ipsos Public Affairs showed that Americans are feeling more concern about how financially protected their families are.

When considering savings accounts, annuities, life insurance and emergency funds among other things, 53 percent of those surveyed reported they are financially under-protected. Nineteen percent reported they are severely under-protected, according to the survey.

"The survey reinforces what our agents are hearing in their communities: Significant numbers of Americans are concerned that their financial resources are not adequate to meet both the challenges of today's economy and their future obligations, whether that's paying for their children's educations or their own retirements," said Mark Pfaff, executive vice president of U.S. Life Insurance at New York Life. "This is where knowledgeable advisors can make an enormous difference by helping people plan ahead."

The study also showed that parents are 15 percent less likely to feel their family is protected than adults with no children. Older adults, 60 and up, are 24 percent more likely to feel their families are financially protected than middle-aged adults.

According to LIMRA figures, 30 percent of Americans have no life insurance, which is a 50 year low.

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