Of the adults who believed their parents set good financial examples, 66% said they had a financial plan and 71% said they felt confident in their financial future. Adults whose parents were not models of good financial behavior reported markedly lower levels of financial preparedness, with only 55% having a financial plan and 53% feeling confident financially in their future.
Younger Americans displayed remarkable financial fortitude when compared to older age groups, according to the findings. More than six in 10 (61%) of respondents ages 25 to 39 had a financial plan, comparable to the 61% of respondents age 40 to 50 and the 63% of respondents over the age of 60 with a plan.
The initial results of the survey are part of a series of research findings that will be issued throughout 2013, according to Genworth.
The national survey—conducted from December 7 – 11, 2012, by Toluna and J&K Solutions—polled 1,023 adults over the age of 25 with a household income in excess of $50,000.