Source of Dave Ramsey claim
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  1. #1
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    Question Source of Dave Ramsey claim

    In Dave Ramsey's book "Total Money Makeover" he says something like:

    "According to a USA Today study on people 65 years old, 97% canít write a check for $600, 54% are still working, and just 3% are financially secure." (p. 154)

    I'm looking for the source of that information, meaning the actual USA Today study. I don't have a copy of the book, so maybe it mentions it in there. I've searched on google but no luck yet. Can anyone help me on this one? Can anyone point me to USA Today's report of this study?

    Much obliged,
    -El Chavo

  2. #2
    Registered User Contrary Housewife's Avatar
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    I see two choices, look up the book and see if there is a footnote, or start searching USA Today back issues. You may be able to do that online. You could also try contacting the paper to see if they can help you.
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    USA today is a pop culture rag. Why on earth would they be doing studies? Maybe a survey, but a study?

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    Registered User Natalia's Avatar
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    Maybe one guy did a door to door survey in a low income seniors complex
    I remember reading the same thing and being floored. It seemed so implausible...

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    Contrary-
    I guess that was what I was asking. If someone has the book (I'm 7th in line for it at my library), would they mind looking it up real quick and seeing if there's any foot note or reference?
    As far as searching back issues of USA Today, I've tried searching their online site to no avail.

    Natalia-
    Now you know why I'm interested in knowing more about the source. It seems implausible. The only way I could think it possible is if the traditional methods of "put your money in your 401k and let it build for retirement" is not working out as predicted. I'd like to see some more data.

    Also, I'm interested in what they mean by "financially secure".

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    Registered User MTS04's Avatar
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    El,

    Where did you get the source of that quote? I have the DR book and I am not seeing it.

    Thanks.

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    Registered User Natalia's Avatar
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    Its in the TMMO. Try the retirement contributions chapter.

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    Quote Originally Posted by MTS04 View Post
    El,

    Where did you get the source of that quote? I have the DR book and I am not seeing it.

    Thanks.
    Quote Originally Posted by chavodel8 View Post

    "According to a USA Today study on people 65 years old, 97% canít write a check for $600, 54% are still working, and just 3% are financially secure." (p. 154)
    Page 154
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    Registered User MTS04's Avatar
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    Quote Originally Posted by Russ View Post
    Page 154
    *facepalm

    Yep I'm a

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    Registered User Natalia's Avatar
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    I found it in the tmmo but i cant find a footNote or reference. But ,mine is only in kobo so im not sure if the paper edition has a footnote.

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    Registered User gmarie's Avatar
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    That's odd, my p 154 reads "USA Today reports that out of one hundred people age sixty-five, ninety-seven of them can't write a check for $600, fifty-four are still working, and three are financially secure."... there is no direct mention of a study.

    I have the TMMO last revised in 2009.

    He is most likely referring to an article citing a poll, which USA frequently does... see article below.

    Baby boomers turn 65 with retirement prospects uncertain - USATODAY.com

    You can also search the gallup poll data, but not knowing what year this quote came from does not help much, but it would have had to been the 2003 or 2007 version of TMMO.

    Gallup Brain: Poll History, Search Public Opinion Questions, Responses

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    GMarie-
    It may not have said "study". I wasn't positive on the quote, thus my reference to it saying "something like" what I wrote.
    Thank you for the finds. I certainly have some more research to do, but I'm becoming less and less convinced of the correctness of the claim.

    MTS04-
    No worries. We've all done stuff like that!

    Thanks all,
    -El Chavo

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    Registered User gmarie's Avatar
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    I do not think what he wrote is false, he is just loosely referencing a USA Today article to help clarify his point that many seniors do not have their finances in order.

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    Gmarie.... I read your links, and I think they are right on, according to my observations. I'm a boomer, and so many of my age group still live pay check to pay check (hence not being able to write a check for $600). I would estimate that many more are still working than Dave asserts, and that maybe slightly more would call themselves comfortable than what Dave reports. But if the book was published in 2009, it was probably written in 2008, and that is a distance of 3+ years from today. Dave's figures and USA Today's figures may not be exact, but they are pretty close to what I see around me.
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