New Survey Shows More Than Half of All Senior Citizens Polled Plan to Return to Work or Delay Retirement as a Result of Financial Crisis

Majority of Seniors Call This the Worst Economic Crisis They've Ever Witnessed and Are Acutely Aware of the Risks in Today's Markets

OAKLAND, CA--(Marketwire - December 9, 2008) - Senior citizens remain more vulnerable than other segments of the population to losses in the stock market and in home values, and will have a harder time recovering than younger Americans from the current global financial crisis. A new study from Golden Gateway Financial, a comprehensive online financial resource for seniors, shows that seniors understand their precarious situation and are exploring aggressive actions to stay afloat in this economy.

Results showed that nearly 80 percent of the senior citizens polled are worried about the impact of the financial crisis on their retirement savings. These seniors are actively exploring ways to generate additional income, with more than half of respondents considering returning to the workforce or delaying retirement.

Additionally, Golden Gateway Financial reported that the percentage of incoming calls to its offices involving senior citizens facing foreclosure rose nearly 200 percent in the last three months.

"Older Americans are aggressively searching for ways to gain control over and offset losses that might be near to impossible to recover in their lifetimes," said Eric Bachman, founder and CEO of Golden Gateway. "This is a generation that has seen and heard it all, and instead of asking them to overcome one more challenge we must effectively communicate the alternatives and solutions available to them."

Observations from the survey include:

--  Over 60 percent of those 65 and older said the economic crisis has
    permanently hurt their retirement savings
--  Nearly 55 percent feel the current economic crisis is the worst they
    have experienced in their lifetime
--  Three fourths of those surveyed are making adjustments to their
    lifestyle as a result of the current economic crisis
--  Nearly one quarter said they have delayed making large purchases to
    conserve cash
--  One quarter of respondents said they are either borrowing against
    their home or trying to sell it in order to generate income to survive
--  Nearly one third said they were planning to delay retirement because
    of the current economic crisis
--  More than 20 percent of respondents are considering returning to work
    because of the effect of the financial crisis on their personal plans

Thomas Davidoff, Ph.D., and assistant professor at Haas School of Business, University of California, Berkeley, observed: "As savings accounts continue to shrink, alternatives such as reverse mortgages are an even more attractive and natural way for senior citizens to make retirement easier."

The independent online survey, conducted with Crestwood Associates in partnership with Golden Gateway Financial, polled more than 800 adult homeowners aged 65 or older from around the country. Actual percentage responses and a complete list of answers are available by contacting Golden Gateway Financial.

For Golden Gateway Financial's industry-leading suite of online retirement assessment tools and resources, please visit

About Golden Gateway Financial

Golden Gateway Financial, 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. Golden Gateway helps clients reduce money concerns and live better during what should be the best years of their lives. The company's recognized resources, online tools, and award winning calculators make it the intelligent choice for seniors and their families who want unbiased and clear communication, comparison shopping for a reverse mortgage or life settlement, and related services to help enjoy retirement.

About Crestwood Associates

Crestwood Associates (, located in Kirkland, Washington, is a full service market research firm serving both the public sector and many of the premier U.S. marketing firms. Since 1987, Crestwood Associates has been staffed by a strategic combination of marketing and market research professionals to leverage insights into market action.

Contact Information: Press Contact: Michael Azzano Cosmo PR 415.596.1978