Nearly one-third of adults say they have
done nothing to ensure that their finances are handled properly if
they should become incapacitated or Ddie, according to Wall Street
Journal Online/Harris Interactive Personal Finance Poll
ROCHESTER, N.Y., Sept. 1 /PRNewswire/
-- A new Wall Street Journal Online/Harris Interactive Personal
Finance Poll finds that nearly two-thirds (64%) of U.S. adults have
taken one or more steps to ensure that their finances are handled
properly should they die or become incapacitated; however, the
concrete nature of this preparation varies. While nearly half (45%)
of all adults say they have discussed their wishes with their
friends and family, only about one-third (32%) have gone as far as
drawing up a will, and nearly one-quarter (23%) have named a
health-care proxy. Other steps taken include designating a power of
attorney (17%), working with a financial adviser (13%), and setting
up a revocable trust (9%). Of note, nearly one- third (30%) of
adults say they have done nothing to ensure that their finances are
handled properly if they should become incapacitated or die.
These are the results of the
online survey of 2,717 U.S. adults conducted between July 28 and
Aug. 1, 2005, for The Wall Street Journal Online's Personal Journal
Edition.
When it comes to putting trust in
individuals to handle their finances, the vast majority (87%) of
adults said they would most trust a family member, such as a spouse
or partner (46%), a parent (17%), a child (14%) or a sibling (9%).
Few people said they would most trust a friend (2%), a lawyer (2%),
a financial adviser (2%) or someone else (1%). Two percent (2%) said
they would not trust anyone to handle their finances if they were to
become incapacitated or to die.
"Discussing last wishes with
friends and family is the first step to planning for the future, and
nearly half of Americans have gone this far," said Anne Aldrich,
senior vice president of the Financial Services Research Practice at
Harris Interactive(R). "Unfortunately, the majority of Americans
have not made formal preparations in the event that they become
incapacitated or die, which may leave their family members in a
financially and/or emotionally difficult situation."
TABLE 1
STEPS TAKEN TO HANDLE OWN FINANCES
"What steps have you taken to
ensure your own finances are handled properly
should
you become incapacitated or die?"
Base: All Adults
%
Prepared for Eventuality (NET) 64
I have discussed my wishes with my family or friends 45
I have a will 32
I have a health care proxy (meaning I have appointed
someone I trust to make health care decisions if I
lose the ability to make decisions myself) 23
I have designated a power of attorney 17
I work with a financial adviser 13
I have set up a revocable trust (a document to
manage my assets during my lifetime and distribute
the remaining assets after my death) 9
Other 3
I have done nothing to prepare for these events 30
Decline to answer 7
Note: Multiple-response question.
TABLE 2 PERSON OF TRUST TO HANDLE FINANCES
"Who would you most trust to handle your finances should you become
incapacitated or die?"
Base: All Adults
%
Would Trust Someone (NET) 94
Would Trust Family Member/Relative (Subnet) 87
My spouse/partner 46
My parent(s) 17
My child/children 14
My sibling(s) 9
Other relative(s) 2
Friends 2
Lawyer 2
Financial adviser 2
Someone else 1
Decline to answer 4
Would not trust anyone 2
Note: Single-response question.
Downloadable PDFs of The Wall Street Journal Online/Harris Interactive
Harris Interactive conducted this online
survey within the United States between July 28 and Aug. 1, 2005
among a national cross section of 2,717 adults, ages 18 years and
over. Figures for age, gender, race/ethnicity, education, income and
region were weighted where necessary to align with population
proportions. Propensity score weighting was also used to adjust for
respondents' propensity to be online.
In theory, with probability samples of
this size, one can say with 95% certainty that the overall results
have a sampling error of plus or minus 3 percentage points of what
they would be if the entire U.S. adult population had been polled
with complete accuracy. Unfortunately, there are several other
possible sources of error in polls or surveys that are probably more
serious than theoretical calculations of sampling error. This
includes refusals to be interviewed (nonresponse), question wording
and question order, and weighting. It is impossible to quantify the
errors that may result from these factors. This online sample is not
a probability sample.
These statements conform to the
principles of disclosure of the National Council on Public Polls.
About the Survey
The Wall Street Journal Online/Harris
Interactive Personal Finance Poll is an exclusive poll that is
published in the Personal Journal Edition of The Wall Street Journal
Online at
http://www.wsj.com/personaljournal .
About The Wall Street Journal Online
The Wall Street Journal Online at
WSJ.com, published by Dow Jones & Company (NYSE: DJ;
http://www.dowjones.com/), is the largest paid subscription news
site on the Web. Launched in 1996, the Online Journal continues to
attract quality subscribers that are at the top of their industries,
with 744,000 subscribers world-wide as of Q2, 2005.
The Online Journal provides in-depth
business news and financial information 24 hours a day, seven days a
week, with insight and analysis, including breaking business and
technology news and analysis from around the world. It draws on the
Dow Jones network of nearly 1,800 business and financial news
staff-the largest network of business and financial journalists in
the world. The Online Journal also features exclusive content,
including interactive graphics on business and world news, and
online-only columns about the automotive industry, technology,
personal finance and more.
The Online Journal offers two
industry-specific editions: the award- winning Health Industry
Edition and the Media & Marketing Edition. The Health Industry
Edition offers authoritative analysis, breaking news and commentary
from top industry journalists. The Media & Marketing Edition is
designed for professionals in the advertising, marketing,
entertainment and media industries. Subscribers to both online
editions also get access to the full content of the Online Journal.
In 2005, the Online Journal was awarded
a Codie Award for Best Online News Service for the second
consecutive year, and its Health Industry Edition was awarded Best
Online Science or Technology Service for the third consecutive year.
In 2004, the Online Journal received an EPpy Award for Best Internet
Business Service over 1 million monthly visitors.
Now,
keep up to date with daily feeds of newly posted stories about America's
Seniors...click on the box to the left