Boston, MA 10/24/2013 (wallstreetpr) – Wells Fargo & Co (NYSE:WFC), which is the largest bank in the United States in terms of market capitalization, has presented interestingfindings. Its study has found out that while most of the lawmakers of the country are engaged in an argument about how and when to pay the debts of the country, more than half the middle class people (nearly 59%) are clear that their financial concern is how to pay the monthly bills, which have increased by 52% from the year 2012. Only 13% of the people are calling “saving for retirement” a “priority”, but with most people it ranks at second place. Four out of ten middle class persons of America says that paying the bills and saving simultaneously is “not possible”.
As a result, 48% people are not so sure that they will be able to save money for a comfortable retirement, while 34% of the middle class people say that they will work until they are “at least 80” as they will not have saved enough for retirement. This figure is up from 25% in the year 2011 and 30% in the year 2012.
The latest annual Wells Fargo Middle Class Retirement study has presented these results. It was a telephonic survey of 1000 middle class persons of America which was conducted by Harris Interactive between the ages of 25 and 75. They were interviewed between July 24, 2013 and August 27, 2013.
The head of Wells Fargo Institutional Retirement and Trust, Laurie Nordquist, said that they have been doing this survey for the past 3 years and have concluded that the prospect of saving for retirement looks dim and the struggle to pay bills is a growing concern, especially in the prime saving years. He further added that saving creates hopefulness, and it can produce results that can lead to a solid retirement.
