More work required on Estate Planning

New Survey: Same sad stats on Estate Planning & Wills

Different year: Same sad stats on Estate Planning & Wills 

PWC’s Employee Financial Wellness Survey tracks the financial & retirement well being of working adults across the US. For 2014, the survey included 2,100 full-time employees between the ages of 21-32(Gen Y), 33-53(Gen X) and 54-71(Baby Boomers)

With reference to Estate Planning, the survey showed that there is very little progress being made:

Overall, only 40% of employees have a will. This compares to 41% in 2013 & 37% in 2012. The % of those who have a will increases with age, only 51% of those age 55 to 64, have a will.

Here’s the breakdown:

  • Baby Boomers (59%),
  • Gen X (31%)
  • Gen Y (20%)

Of those employees who have a will,:

  • 66% say they have reviewed it and made any necessary updates within the last 5 years.
  • 34% of employees have a living will.
  • 29% have a durable power of attorney for financial matters and 30% for healthcare matters.
  • 75% indicate that their beneficiary forms are up-to-date

Read more of the survey results from PWC’s survey here 

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