Baby
Boomers
Get
an
'F'
in
Planning
for
Old
Age
Study
Sponsored
by
GE
Center
for
Financial
Learning
Discovers
Aging
Boomers
Uneducated
and
Unprepared
for
Long
Term
Care
Needs
July
2,
2001--
A
groundbreaking
study
commissioned
by
the
GE
Center
for
Financial
Learning,
the
leading
online
resource
for
objective
financial
education,
has
found
that
most
Baby
Boomers
are
unprepared
for
their
long
term
care
needs.
In
fact,
only
seven
percent
have
an
adequate
plan
in
place.
The
GE-sponsored
study
-
the
first
in
a
series
designed
to
underscore
the
myths
and
realities
of
the
retirement
experience
-
found
that
70
percent
of
Baby
Boomers
are
relying
on
their
own
resources
to
take
care
of
their
long
term
care
needs.
In
addition
to
this
often
inadequate
approach,
Boomers
were
found
to
be
misinformed
and
unsure
about
the
basics
of
long
term
care
planning.
Conducted
by
the
Center
for
Aging
Research
&
Education
(CARE)
and
entitled
``Secure
Tomorrow's
Autonomy
Today''
(STAT),
the
study
surveyed
nearly
1,000
men
and
women
nationwide
to
gain
their
perspectives
on
aging,
long
term
care
resources,
motivators
and
barriers
to
planning
for
retirement,
and
recommendations
for
the
future
of
long
term
care.
``The
STAT
survey
findings
expose
the
tremendous
amount
of
confusion
among
Baby
Boomers
about
how
to
properly
plan
for
long
term
care
needs,''
said
Dr.
Christopher
Hayes,
an
independent
advisor
to
the
GE
Center
and
co-director
of
CARE.
``As
the
largest
segment
of
the
population
heads
toward
retirement,
this
alarming
lack
of
preparedness
will
lead
to
devastating
consequences
for
our
families
and
the
nation.''
According
to
the
STAT
survey,
Boomers
appear
to
be
confused
or
procrastinate
in
planning
for
long
term
care
needs
in
their
old
age,
even
as
most
of
them
(71
percent)
admit
to
a
fear
of
not
having
enough
money
as
they
grow
older.
Among
the
Baby
Boomer
population
findings:
-
70
percent
believe
that
they,
themselves,
should
be
most
responsible
for
taking
care
of
their
long
term
care
needs;
-
75
percent
have
no
idea
how
much
long
term
care
insurance
actually
costs,
with
most
overestimating
the
cost
of
premiums
by
more
than
300
percent;
-
Only
7
percent
have
actually
purchased
long
term
care
insurance
and
76
percent
have
not
had
anyone
recommend
the
purchase
of
long
term
care
insurance;
-
71
percent
fear
not
having
enough
financial
resources
for
retirement
and
85
percent
are
highly
concerned
with
maintaining
control
over
care
options
and
where
they
live.
The
study
also
shows
that
a
majority
of
Boomers
don't
want
to
burden
their
children
with
the
responsibility
of
providing
for
their
long
term
care
needs,
nor
do
they
expect
the
government
to
provide
a
viable
solution.
Seventy-seven
percent,
for
example,
say
that
their
children
should
play
a
minimal
or
no
role
in
providing
financial
support
for
long
term
care.
Specifically,
less
than
one
percent
cited
their
children
and
only
14
percent
cited
the
government
as
being
most
responsible
for
taking
care
of
their
long
term
care
needs.
``Clearly,
Boomers
aren't
looking
for
help
from
others
and
want
choices
and
autonomy
in
their
old
age,
but
few
seem
to
know
what
options
are
available,
with
even
fewer
actually
planning
now
for
the
future,''
added
Hayes.
``Resources
like
the
GE
Center
for
Financial
Learning
are
educating
Boomers
on
their
long
term
care
options
and
working
to
improve
Baby
Boomer
knowledge
and
planning
efforts
as
this
generation
of
75
million
people
begins
to
retire.''
The
GE
Center
for
Financial
Learning
(www.financiallearning.com)
is
the
first
uniquely
objective,
impartial
Web-based
financial
education
resource
for
information
on
personal
financial
and
life-event
planning.
The
site
is
designed
to
teach
visitors
to
invest
well,
protect
their
assets,
and
retire
comfortably.
It
offers
online
courses,
a
resource
library,
personalization
features
and
special
live
events
covering
financial
concepts
and
products.
The
Center
is
dedicated
to
improving
financial
literacy
among
Americans
and
does
not
sell,
market
or
promote
financial
products
or
services
from
any
company,
nor
does
it
promote
or
provide
advice
on
financial
products
or
providers.
A
twelve-person
volunteer
Advisory
Board
upholds
the
level
of
excellence
for
the
GE
Center
for
Financial
Learning
by
ensuring
the
objectivity
of
all
information
provided
on
the
site.
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