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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