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Thrivent Mutual Funds’ 2016 Investor Mindset Report is a national study, which focuses on understanding investors’ financial priorities, and provides insights based on location, generation and gender. 

Despite the uncertainty of the economy, the rising cost of education, and doubts about the future of social security for those approaching retirement, Jacksonville residents have a much more optimistic view of the of the U.S. economy than most of the nation, according to the 2016 Investor Mindset Report.

Our infographic illustrates key survey findings from Jacksonville.

Highlights from Thrivent Mutual Funds’ Jacksonville survey reveal that: 

  • Nearly 60 percent of Jacksonville millennials are substantially more likely to invest in their children’s college education compared to the national average (44 percent).
  • A quarter of those in Jacksonville who are currently or plan to invest in their children’s college education are currently contributing more to their child’s education fund than to their own retirement accounts.
  • Two in five are optimistic about the U.S. economy and its impact on their financial situation.
    • Furthermore, 50 percent of Jacksonville men and 38 percent of women are optimistic about the U.S. economy.
  • Nearly three in five respondents in Jacksonville consider themselves to have an aggressive investment strategy.
    • Of those respondents, Gen Xers have the most aggressive strategy (64 percent), with millennials and baby boomers having more of a more balanced approach.
  • Thirty-seven percent of Jacksonville respondents said they are more optimistic that their children will be better off financially when they reach the age of the survey respondents. This is compared to the national average of 28 percent (see chart below).
    • That optimism grows in respect to retirement, as four in five Jacksonville respondents believe they have a good grasp on how much money they’ll need in retirement. 

 

Belief that Children will be Better Off Financially

Jacksonville Survey - children v. retirement saving mindset

Read the Investor Mindset Report Executive Summary for more insights

View Report

“With the cost of college tuition at an all-time high and the average age of life expectancy continuing to rise, having a long-term financial strategy has never been more important. While saving for a child’s education is a priority for some parents, it’s important to stay focused on your retirement, as well.  Fortunately, there are options available to utilize a dual strategy for education and retirement savings”

David Royal, president, thrivent mutual funds

David Royal, President, Thrivent Mutual Funds


Tips from Thrivent Mutual Funds:

For those who want to utilize a dual strategy for saving for education and retirement

  • Flexible accounts, such as Roth IRAs, allow funds to be used for multiple options, such as retirement and education. While contributions must be made with after-tax dollars, benefits include a federal tax-free qualified distribution of any future earnings. There is also flexibility to withdraw contributions at any time. See more information on Roth IRA rules and requirements.
  • A Coverdell Education Savings Account provides a vehicle for those who would like to contribute and save for a child’s education. This type of account can be used towards K-12 education in addition to college costs, providing families more flexibility. 

 

 

Read The Entire Executive Summary

View Report
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This article is not intended as a source for tax advice. Work with your tax professional for additional information.

The concepts in this article are intended for educational purposes only and are not intended to recommend any particular strategy.

About the Study: ORC International, a global business intelligence company, conducted the Thrivent Mutual Funds survey among 3,400 respondents ages 25-64. Invitations to participate in the study were sent on July 27, 2016, and data collection continued through August 7, 2016. For more information about this study, please visit www.ThriventFunds.com

Some states have not yet adopted the federal rules governing the tax treatment of Roth IRAs and there may be conflicts between federal and state tax treatment of IRA conversions. Consult your tax professional for your state's tax rules.