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Despite Economic Worries, Floridians Keep Their Financial Cool
11/18/08 - 10:38 AM
Allstate Corporation
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Allstate Survey Reveals Florida Residents Sticking to Retirement Plans

St. Petersburg, FL – The stock market may be erratic, but the same can’t necessarily be said for the retirement plans of middle-income Florida residents.  A new survey out today from Allstate, gauged the mood of middle income Americans on the current economic crisis and its affects on their retirement savings plans. 

Floridians express a greater concerns than the rest of the country about today’s economic conditions, but they are more likely to stay the course with their retirement planning. 

70 percent of Floridians believe the current economic turmoil will have a negative impact on their retirement savings efforts, compared to 65 percent of respondents nationally.

81 percent of Floridians have not changed the level of their contributions to their retirement savings plans, compared to 78 percent of respondents nationally

Only 9 percent of Florida residents have reduced their contributions or stopped contributing to retirement savings plans, compared to 11 percent of respondents nationally

While most Florida residents have not changed their saving patterns, the economy’s impacts are still being felt in various ways.

18 percent of Florida residents say they will delay retirement as a result of the downturn, compared to 21 percent or 1 in 5 of respondents nationally. 

15 percent of survey respondents have changed their plans about buying a new home when they retire.

Economic slump is taking an emotional toll on Americans, and even greater toll on Floridians. 

46 percent of Florida residents the downturn has made them feel scared or anxious compared to 33 percent of respondents nationwide. 24 percent of Florida residents say they even feel depressed about it. However, 49 percent say these changes have made them focus more on enjoying life today. 

“It’s encouraging that many Floridians aren’t letting the economic downturn divert them from sticking to their long-term plans about preparing and saving for retirement,” said Trung Trang a Florida representative for Allstate Financial. “While it may be tough right now for many Floridians to think realistically about the future, it is important for them to remain upbeat and engaged in the retirement planning process because it will pay off in the years to come.”

For those who have saved little, a lot, or haven’t even started, Allstate has valuable tools and resources available that are easily accessible, including tips on how to save for retirement, a retirement calculator and other useful information which can be found at myallstatefinancial.com.

Additional Survey Statistics

66 percent of Florida residents are looking forward to retirement, and 75 percent think they will be able to maintain or improve their standard of living when they retire, versus 24 percent who expect to be worse off.

71 percent of Florida residents disagree with a statement that they will never be able to afford to stop working and will have to continue working indefinitely.

92 percent of Florida residents think they will have no trouble keeping busy when they retire, and 72 percent think it is one of life’s most rewarding times

Florida residents’ basic optimism is apparent in their overwhelming 89 percent agreement with the statement that things will ultimately work out for them in retirement.

About the Survey
The Allstate Survey, Staying Steady in Troubled Times, was conducted for Allstate by Mathew Greenwald & Associates. Survey respondents were financial decision makers between the ages of 30 and 62 with household incomes of $50,000 to $125,000. Interviews for the national survey were conducted between September 13 and 21, 2008 and interviews for the regional survey were conducted September 24 through October 1.  The margin of error for these studies is plus or minus approximately 4 percentage points for the national sample (500 respondents) and 7 percentage points for each regional sample (200 respondents per region). (Full survey is available upon request)

About Allstate
The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer. Widely known through the “You’re In Good Hands With Allstate®” slogan, Allstate helps individuals in approximately 17 million households protect what they have today and better prepare for tomorrow through approximately 14,900 exclusive agencies and financial representatives in the U.S. and Canada. Customers can access Allstate products and services such as auto insurance and homeowners insurance through Allstate agencies, or in select states at allstate.com and 1-800 Allstate®. Encompass® and Deerbrook® Insurance brand property and casualty products are sold exclusively through independent agents. The Allstate Financial Group provides life insurance, supplemental accident and health insurance, annuity, banking and retirement products designed for individual, institutional and worksite customers that are distributed through Allstate agencies, independent agencies, financial institutions and broker-dealers. Customers can also access information about Allstate Financial Group products and services at myallstatefinancial.com.

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