Iowans tend to be more positive about their finances than the nation as a whole, but they remain concerned about retirement savings, according to a recent Wells Fargo & Co. survey.
According to a news release, the survey of 500 Iowa residents, ages 25 to 75, found that:
- Fifty-six percent of Iowa residents feel more financially comfortable compared with 51 percent of U.S. adults.
- Fifty-six percent express confidence in their personal financial future, compared with 52 percent across the country.
- Iowans tend to report fewer financial challenges when compared with all Americans.
Iowans in the survey worried most about being prepared for retirement, with 53 percent saying that they will be able to maintain their current lifestyle in retirement and about as many saying they are worried that they will not save enough to support themselves in retirement. Younger Iowans are most worried; three in five under 40 are concerned about retirement savings
"This is a complex challenge where one size doesn't fit all in terms of a possible course of action," Terry Johnson, regional managing director for Wells Fargo Private Bank in Iowa, said in the release.
In other findings, Iowans who have not yet retired reported slightly higher retirement savings than their peers nationwide, and Iowans who are getting closer to retirement age reported more average retirement savings ($150,000) than their national counterparts ($110,000).
However, many Iowans lack formal retirement savings plans. Only about half of non-retirees and a bare majority of retirees statewide have a detailed savings plan. And only a third of adults in Iowa express confidence in knowing where to invest in today's market, slightly higher than the national response.
Nearly half of Iowans expect to see improvement in the national and local economies in the next two years. Iowa residents already see a rebound in their local housing market, with two-thirds saying it has improved.