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December 4, 2008
The Business Review (Albany)

An increasing number of Americans are concerned that the current economic crisis will leave them further behind on their retirement plans, according to a new survey.

The 2008 Bank of America Retirement Savings Survey, which polled approximately 1,000 people across the country, found that 60 percent of Americans are spending less than they were three months ago as a result of the current economic climate. But even with this decreased spending, 51 percent of the general public and 40 percent of those categorized as “affluent” also are saving less, with approximately one in five citing that they’re saving “much less.”

Craig Averill, personal retirement solutions executive for Bank of America (NYSE: BAC), said the survey findings “underscore how deeply troubled Americans are about their retirement savings and financial well-being.” Nearly one-quarter of those surveyed named “the impact of economic turbulence on retirement savings” as the financial issue that concerned them most.

Read entire article: http://www.bizjournals.com/albany/stories/2008/12/01/daily48.html