Three toads sit on a log. One of them decides to jump. How many are left on the log?
Answer: Three.
He never jumped. He just made the decision that he will.
There's a big difference between making a decision and taking action. In this article, Fidelity lauds the increase from 78% in the previous year as a good thing because it could spark a change. I guess the argument goes something like, "recognition is the first step to change." So, if you went to a liquor store on a Tuesday night and surveyed everyone coming out, and the number of respondents who said that they have a drinking problem increased, that's a good thing? I suppose it is. But they still went home with the booze.
I guess I just wonder why the 78% from last year didn't start saving, and then why we're going to assume that the 83% will, when most of last year's 78% are probably part of this year's 83%.
83% is a staggering amount of people, although it was only out of 2,000 surveyed. I would tend to agree with you that last years people probably have not made significant leaps in their retirement planning. Probably due to a combination of laziness, ignorance and fear. Most people have not one clue where to start. Too busy living life and not realizing the importance of taking the time to plan their future.
Posted by: Andrew | May 15, 2006 at 02:32 PM
What is interesting here is the awareness, yet lack of action. I don't know what percent of American's actually are on track for retirement, but 83% KNOW they are not. So, laziness and fear, and some ignorance. But ignorance of what to do next seems to be bigger than ignorance of the problem in the first place.
Posted by: lamoneyguy | May 15, 2006 at 03:21 PM