Nearly Three-quarters of Americans Admit They Are Not Financially Prepared for Retirement According to New Survey

National American Consumer Credit Counseling poll finds that more than one in three respondents do not contribute at all to their retirement.

Boston, MA – June 18, 2013

Many Americans Are Not Financially Prepared For RetirementMore than 70 percent of Americans believe they are not financially ready for retirement, according to a recent online poll conducted by American Consumer Credit Counseling. The ACCC poll found that more than 7 in 10 consumers surveyed reported that they are not adequately prepared for retirement, while over 30 percent of respondents are not contributing at all to a retirement account.

Of the 282 consumers surveyed in the recent ACCC web poll at, 56 percent are aged 45 to 64 while only 15 percent are between the ages of 18 and 34.

“All too often for families struggling to recover from economic downturn, retirement falls by the wayside and becomes a financial afterthought,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, a non-profit agency based in Newton, Mass. “Many middle-aged consumers are faced with difficult choices such as investing in their retirement or investing in their child’s college education fund, but the truth is, not contributing at all to retirement now can mean working well into the later years in life.”

Surprisingly, when it comes to income levels, of those respondents who indicated they are not prepared, 23 percent earn $75,000 or more. Those most confident in their retirement preparations were the 28 percent of consumers surveyed earning between $50,000 and $75,000.

And it is not just income levels that are impacting consumers’ confidence in retirement preparation; gender also plays a role. When asked about the level of retirement contributions over the past year, 34 percent women responded that they did not contribute any amount to their retirement fund compared to only 21 percent of males. Additionally, 27percent of males indicated that they actually contributed more over the past year compared to only 17 percent of their female counterparts.

“When it comes to retirement savings, men and women often face different financial challenges,” said Trumble. “Women are more likely to work part-time jobs, interrupt their careers for their family and, on average, are less likely to participate in a retirement plan. But all Americans should be thinking about their current retirement savings plans to ensure they are financially comfortable well into their later years.”

When the 282 respondents were asked about their current retirement savings method, an overwhelming 49 percent indicated they use a 401(k) account, while 28 percent of those surveyed are part of a pension plan. Only 10 percent indicated that they contribute to a general savings account.

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The retirement savings poll is the latest in a series of ACCC web surveys for 2013 that focus on a variety of financial education, budgeting and planning topics. The next online poll asks consumers whether or not they have declined a wedding invitation because of finances. The online survey can be found at

American Consumer Credit Counseling’s certified and experienced counselors offer various financial education, counseling and debt management services to help consumers achieve long-term financial health and stability.

ACCC is a 501(c)3 organization, that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:

  • For credit counseling, call 800-769-3571
  • For bankruptcy counseling. call 866-826-6924
  • For housing counseling, call 866-826-7180
  • For more information on financial education workshops in New England, call 800-769-3571 x1980
  • Or visit us online at

About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a non-profit 501(c)(3) organization dedicated to empowering consumers to achieve financial health through education, counseling, and debt management. ACCC provides individuals with practical solutions for solving financial problems and recognizes that consumers’ financial difficulties are often not the result of poor spending habits, but more frequently from extenuating circumstances beyond their control. As one of the nation’s leading providers of financial education and credit counseling services, ACCC works with consumers to help them with the best plan of action to reduce their debt and regain financial stability. ACCC is accredited by the Better Business Bureau and holds an A+ rating. It is also a member of the Association of Independent Consumer Credit Counseling Agencies. For more information or to access free financial education resources log on to or visit