SOURCE: Eons.com

October 02, 2008 11:14 ET

Financial Market Crisis Forces Majority of U.S. Boomers to Delay Retirement, According to Eons.com Survey

82% of Boomers Are Cutting Back on Lifestyle Choices; Most Boomers Say Market Crisis Will Force Delay of Retirement by at Least Five Years

CHARLESTOWN, MA--(Marketwire - October 2, 2008) - Today, Eons.com, the online community for baby boomers, revealed the findings of the "Eons.com Financial Market Crisis Poll," which polled more than 450 members of the Eons.com community aged 45+. The poll was conducted between September 26-October 2, 2008 and asked boomers how the current market crisis is affecting their retirement plans, daily expenses and personal finances.

The poll revealed that 55 percent of boomers believe the current financial crisis will cause them to delay retirement by five or more years and the majority of respondents (46 percent) reported losses of 10-20 percent in their retirement accounts. Boomers point to a variety of sources for current market conditions, including the federal government, Wall Street, banks and consumers. Having lived through many downturns, respondents believe the current situation is the worst economic crisis in recent history, ranking it worse than the 2001 market downturn following 9/11, the 1987 stock market crash and the savings and loan crisis of the late 1980s.

"Boomers are incredibly vulnerable to market conditions because many are pursuing new chapters in their lives, such as retirement, new careers or other ventures, but now that is threatened," said Jeff Taylor, Eons.com founder and CEO. "Over the past few months, we've tracked an uptick in activity in groups such as Getting By in a Bad Economy and Squeaking By Retirement, where boomers are expressing their concerns with others facing similar life-stage situations."

A snapshot of results from the "Eons.com Financial Market Crisis Poll" follows:

       By how much do you anticipate the current market crisis will
       delay your retirement plans?
       5 years or more                                                 55%
       3-4 years                                                       27%
       1-2 years                                                       15%
       Less than a year                                                 2%

       When do you expect to see a full recovery in your
       retirement accounts?
       1-5 months                                                     0.7%
       6-12 months                                                      5%
       More than a year                                                39%
       More than five years                                            34%
       Never                                                           21%

       Who do you hold most responsible for this downturn?
       Wall Street                                                      5%
       Federal Government                                              11%
       Banks that lent money to people who were a bad credit risk      11%
       Individuals who bought houses that they couldn't afford          4%
       All of the above                                                63%
       None of these things                                           0.6%
       Other (please specify)                                           5%

       Which of the following economic downturns have had the
       greatest negative impact on your life? Please rank order the
       following from 1-4, with 1 being the worst.
       2008 Market Crisis                                              58%
       Savings and loan crisis of the late 1980s                       55%
       2001 market downturn following 9/11                             46%
       1987 stock market crash                                         47%

**Note to media: Local Eons boomer members are available for interviews
upon request.

**Note to media: Full survey results available upon request.
 

Methodology

The "Eons.com Financial Market Crisis Poll" was conducted online of Eons.com members aged 45+ from September 26-October 2, 2008. More than 450 of Eons.com baby boomer members participated in the survey.

About Eons™

Eons.com is the online community for spirited BOOMers who want to explore their passions, keep in touch with friends, connect with interesting people to share life experiences and most of all have fun. Founded by Jeff Taylor, creator of Monster.com, Eons, Inc. has attracted a team of renowned advisors and industry-leading partners and is backed by venture capital financing from General Catalyst Partners, Sequoia Capital, Charles River Ventures and Intel Capital, as well as Humana, Inc. It is supported by corporate founding partners Humana, Inc. and Verizon Wireless. Eons is headquartered in Charlestown Navy Yard, Boston. For more information about Eons, visit www.eons.com.