SOURCE: Golden Gateway Financial

August 12, 2008 08:06 ET

New Survey Finds That Finances Remain a Taboo Subject for Senior Citizens and Their Adult Children

Senior Citizens Resource Recommends Families Work Together to Combat Harsh Economic Pressures, Especially With New Legislation Aimed at Helping Senior Citizens

OAKLAND, CA--(Marketwire - August 12, 2008) - Half of all senior citizens participating in a recent survey said that they have never had an in-depth conversation about their financial situation with their adult children. In total, only twelve percent of all seniors surveyed have spoken with their children and developed a sound plan to address their financial challenges.

The independent online survey, conducted with Crestwood Associates in partnership with Golden Gateway Financial, the Web's most comprehensive financial resource for senior citizens and retirees, revealed a critical need for a more open financial dialogue between older Americans and their children.

The study surveyed senior citizens and the adult children of seniors, but not necessarily matched pairs. All participants had directly researched or purchased financial services in the past. The survey asked both groups individually whether they had spoken with their families about their parents' financial health as well as the results of that conversation. Actual percentage responses are available by contacting Golden Gateway Financial.

Observations include:

--  Approximately half of all senior citizens and adult children surveyed
    responded that they had not spoken about their parents' financial situation
    
--  Roughly one quarter of seniors who have spoken with their children
    still have not found a solution to their parents' financial difficulties
    
--  Two thirds of senior citizens who had not spoken with their children
    declared that they did not want to discuss finances with them in the future
    
--  Only a third of adult children surveyed reported having confidence in
    their parents' retirement finances
    

"In speaking with seniors and their families it is obvious that finances remain an awkward topic of conversation," said Eric Bachman, founder and CEO of Golden Gateway Financial. "With mounting economic pressures and the recent government legislation that will give seniors even more financial options, it is critical for families to discuss their concerns and create a solid financial plan for retirement and beyond."

"Adult children should not be concerned about financial role reversal," said Edgar Kully, Crestwood Associates' Principal.

For more information about reverse mortgages or to access Golden Gateway Financial's industry-leading suite of online retirement assessment tools and resources, please visit http://www.GoldenGateway.com.

About Golden Gateway Financial

Golden Gateway Financial (www.GoldenGateway.com), located in Oakland, California, is a comprehensive resource for senior citizens, baby boomers and soon-to-be retirees to assess their financial health at retirement. Through a unique set of online tools and clear and unbiased communication, the company helps individuals address "The Great American Retirement Dilemma." The tools enable users to better assess the security of their nest egg and to make intelligent choices to fully enjoy what should be the best years of their lives. The company also operates the industry's premiere reverse mortgage service with a proprietary reverse mortgage calculator and a team of trained counselors to help seniors better understand the product, evaluate whether it is right for them, and identify their ideal lending partner.

About Crestwood Associates

Crestwood Associates (www.crestwoods.com), located in Kirkland, Washington, is a market research firm serving both the private and public sectors. Staffed by a strategic combination of marketing and market research professionals, Crestwood Associates leverages the strengths of each discipline to maximize the ability of clients to leverage insights into market action.

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