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Harris Launches Polls with Wall Street Journal

September 5 2005

The first monthly Wall Street Journal Online/Harris Interactive Personal Finance Poll reveals that only a third of US adults have written a will, and just 8% financially support their parents. The two companies have also launched the WSJ Online/Harris Interactive Healthcare Poll. Full results from both are provided to WSJ subscribers.

The personal finance poll finds that nearly one third (30%) of US adults have taken no steps to ensure that their finances are handled properly should they die or become incapacitated. Nearly half (45%) have discussed their wishes with their friends and family, but only about one-third (32%) have drawn up a will, and just a quarter (23%) have named a healthcare proxy - somebody to make health care decisions on their behalf. Other steps taken include designating a power of attorney (17%), working with a financial adviser (13%), and setting up a revocable trust (9%).

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. Few said they would most trust a friend (2%), a lawyer (2%), or a financial adviser (2%).

The poll findings also show how few US adults provide financial assistance to their parents. Just 4% say they contribute financial support and assist their parents with financial planning, and a further 4% contribute but don't assist with planning. Of those who do provide support, 70% say that it impacts their personal finances, including 11% who say it is a major financial burden.

Anne Aldrich, Senior VP of the Financial Services Research Practice at Harris Interactive, says the information is especially relevant in light of the country's ageing population. She says the baby boomer generation is 'financially impacted from all sides as they are saving for their own retirement, their children are moving through college years, and some are even pitching in to help their parents'.

The Wall Street Journal Online, published by Dow Jones & Company, is the largest paid subscription news site on the web with 744,000 subscribers worldwide. It offers special editions including industry-specific Health Industry and Media & Marketing editions, as well as the consumer-focused Personal Journal. Harris Interactive also conducts the WSJ's new Healthcare Poll, which is published in the Health Industry edition.

Harris Interactive conducted the online survey within the United States between July 28th and August 1st, 2005 among a national cross section of 2,717 adults, aged 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.

The Wall Street Journal Online/Harris Interactive Personal Finance Poll is published in the Personal Journal edition at www.wsj.com/personaljournal. Downloadable PDFs of the poll are available from www.harrisinteractive.com.


All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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