Schwab Survey Shows Boomers Focused on Preserving Savings and Giving

SAN FRANCISCO–(BUSINESS WIRE)– Today, Charles Schwab released findings from its latest quarterly retirement pulse survey, outlining how consumers plan for and approach retirement in the current economic environment. According to the results, charitable giving ranked as high in importance as budgeting among adults age 50 or older. Nearly eight in 10 (79%) cite charitable giving as a priority on the path to retirement. Along with preserving savings (86%), these priorities outrank managing debt (77%), saving for the future (73%), owning a home (71%), building an emergency fund (66%) and helping children financially (61%).

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“We know that investors want to be fit financially, but they also want to help others do well by giving back to support their communities,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “Schwab’s priority is to help our clients achieve these important goals and maintain financial well-being as they plan for and enter retirement.”

Schwab also found that the majority of boomers see paying off their mortgage as an important goal and milestone in reaching retirement. More than six in 10 (63%) investors age 50 and older have either already paid off their mortgage or are planning to do so before they retire. However, the difference in the cost of living—and housing—in metropolitan and outlying areas reveals a logical gap; 53 percent of those who live in less developed areas are more likely to have a mortgage that is paid off as compared to 39 percent of metropolitan residents.

According to the results, 84 percent of adults age 50 and older have not yet retired and one in five of this age group have no plans to retire.

Investors can find more information about how to reach their retirement goals on Schwab.com/RealLifeRetirement or by following Schwab on Twitter @CharlesSchwab.

About the Study

The Charles Schwab Retirement Survey was conducted by Kelton Researchbetween February 18 and February 27, 2011 using Random Digit Dialing of listed and unlisted numbers. Quotas are set to ensure reliable and accurate representation of the entire U.S. population ages 18 and over. Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the study of adults age 50 and older, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 3.4 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample. For the study of the entire U.S. population over age 18, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 2.2 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.

About Charles Schwab

The Charles Schwab Corporation (NYSE:SCHW) is a leading provider of financial services with more than 300 offices and 8.0 million client brokerage accounts, 1.4 million corporate retirement plan participants, 710,000 banking accounts, and $1.6 trillion in client assets. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors, earning the highest customer satisfaction score of the four major U.S. online brokerages in a fourth quarter 2010 survey conducted by the American Customer Satisfaction Index. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and mortgage services and products. More information is available at www.schwab.com and www.aboutschwab.com. (0311-1966)

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Charles SchwabAlison Wertheim, 415-667-0475
alison.wertheim@schwab.com
or
EdelmanPablo Rodriguez, 415-486-3267
pablo.rodriguez@edelman.com

Source: Charles Schwab Corporation