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Generation X Lacks Confidence in Social Security

Members of Generation X by and large understand that Social Security and pensions may evaporate by time they leave the workforce and instead are looking to themselves to fund their retirement, suggests a new poll conducted by Harris Interactive for the American Institute of Certified Public Accountants (AICPA).

"The message is getting through to Generation X consumers about taking control of their own financial futures," said Carl George, CPA, Chair of the AICPA's National CPA Financial Literacy Commission and CEO of Clifton Gunderson LLP. "As a result, they intend to draw on personal savings and investments for retirement, unlike many of their baby boomer elders."

Harris Interactive surveyed 1,000 U.S. adults during March 2006 under the aegis of the AICPA 360 Degrees of Financial Literacy campaign. Of them, 377 represent Generation X.

The American Institute of Certified Public Accountants (www.aicpa.org) is the national, professional association of CPAs, with approximately 330,000 members, including CPAs in business and industry, public practice, government, and education; student affiliates; and international associates. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies; federal, state and local governments; and non-profit organizations. It also develops and grades the Uniform CPA Examination.

Source: American Institute of Certified Public Accountants

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