Contact Us
Make My Homepage

Saving for the Future: Are You Prepared? [AUDIO]

According to the first-ever Life Tracks Poll from Allstate, nearly a third of New Jersey residents don’t have retirement savings or life insurance. While 82 percent say they’ve done at least “some” planning for their long-term finances, 18 percent don’t have any type of savings account.

Broken piggy bank
Flickr User 401 (K) 2012

By wide margins, the poll found single Americans are much less likely than married Americans to have basic financial products like life insurance.

“What is of concern when we dig deeper – we find a sizable number of people admit they struggle to understand the various financial products that are out there,” said Sheila Breeding, Allstate New Jersey spokesperson.

When asked about different terms, 43 percent of New Jerseyans said they have trouble understanding annuities. Nearly 30 percent expressed the same lack of understanding about stocks and mutual funds, 15 percent about college savings, 11 percent about retirement savings accounts, and nine percent about life insurance.

“Do your homework,” Breeding advised. “There is a tremendous amount of free and valuable information out there.”

ONLINE FINANCIAL TOOLS

The poll, conducted nationally and in some individual states, also found that a higher level of education can lead to greater confidence about getting out of debt.

“Fifty-four percent of people with college degrees, versus just 39 percent of respondents with only a high school education, say it’s extremely or very realistic that they will become debt-free,” Breeding explained.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Best of the Web


Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://nj1015.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!