Search for Financial Independence Fuels 'Reinvention Renaissance,' According to Tigrent Survey
More Americans are rethinking financial goals amid economic uncertainty
CAPE CORAL, Fla., Nov. 3 /PRNewswire-FirstCall/ -- Twenty-two months after descending into an historic recession, amid lingering uncertainty over the economic recovery, many Americans are prepared to make short-term sacrifices to reinvent themselves and their careers to achieve financial independence, according to a newly released survey from Tigrent Inc. The Tigrent 2009 Financial Independence Survey "Reinvention: What's Stopping You?," which polled 3,000 adults across the US, Canada and the UK, reveals that a "reinvention renaissance" has been born out of the global financial crisis, with people ready and willing to reinvent themselves in order to gain financial independence. The survey was conducted by Opinion Research Corporation (ORC) on behalf of Tigrent Inc. (OTC Bulletin Board: TIGE, http://www.tigrent.com).
According to the survey, 61 percent of Americans are uncomfortable with their current financial situation. The Tigrent study found that an even higher proportion - eight out of 10 Americans - are "ready and willing to make sacrifices in the short-term in order to become financially independent in the long-run." Nearly three out of four respondents (72 percent) went so far as to say they need to "reinvent themselves" as a result of the financial crisis in order to increase earning power and accumulate wealth.
Asked what was holding them back from taking steps to achieve financial independence, more than one out of two respondents (55 percent) ranked insufficient knowledge about investing as the number-one reason stopping them from doing so. Forty-seven percent cited lack of time as the number-two reason.
"While Americans are willing to take the necessary steps to prepare themselves for a sound financial future and are searching for new and different directions to help them achieve financial independence, based on our survey results, it is still clear that there is a general lack of education around basic personal finance principles," said Charles M. Peck, CEO and Member of the Board of Directors, Tigrent Inc. "Today, it is understood that we all have to be more resourceful about our own wealth intelligence, and the goal should be a fuller life, not just a full-time job. Through our training and tools, I believe Tigrent can help Americans achieve this."
Tigrent's survey underscores other studies suggesting Americans are feeling pessimistic about how soon the economy will rebound. A separate poll released last week by The Wall Street Journal/NBC News showed that, out of 1,009 surveyed, just 42 percent said the economy will get better in the next 12 months, down from 47 percent in September.
Perhaps reflecting ambivalence about how to proceed in the face of the financial crisis, 66 percent of Americans feel that financial independence means receiving a regular check from an employer.
Tigrent has undergone its own transformation, reflecting its long-range vision for the for-profit training and personal development industry. Tigrent provides hands-on training, coaching and mentoring in real estate investing, financial instruments investing and entrepreneurship. Tigrent has seen a thorough reinvention, from new and refined course offerings to its operations and management team including new CEO Charles M. Peck, who took the helm in September 2008, as part of a distinguished career leading companies in transition, including start-ups, turnarounds, integration efforts and growth companies.
Americans aren't the only ones with economic concerns around their financial independence, of course. While 52 percent of Canadians are not comfortable in their current financial situations according to the survey, close to 80 percent say they are ready and willing to make sacrifices to enhance earning power in order to build wealth and 61 percent say they need to reinvent themselves in order to increase earning power to achieve financial independence.
Seventy-two percent of British respondents say that they are ready and willing to make sacrifices to change their financial situations, while 57 percent agree that they would need to reinvent themselves in order to increase their earning power and achieve financial independence, the least out of the three countries surveyed.
Additional Findings from the 2009 Tigrent Financial Independence Study
- Sixty percent of females compared to 49 percent of males claim insufficient knowledge about investing is the top reason that's stopping them from setting out to build enough wealth to become financially independent of any employer.
- One-third (33%) of females agree that they are comfortable with their current financial situation compared to 45 percent of males.
- Almost half (48%) of respondents age 65+ agree that as a result of experiences during the financial crisis, they need to reinvent themselves to enhance earning power and in order to build wealth.
- An overwhelming number of African-Americans (80%) say that financial freedom means being self-employed or owning their own business, while significantly fewer whites (50%) agree with that statement.
The Tigrent Financial Independence survey was conducted by Opinion Research Corporation in the US, Canada and UK using Online CARAVAN® from October 19-20, 2009 in the US and October 19-21, 2009 in the UK and Canada. More than 3,000 interviews were conducted among adults 18 years of age or older. Full survey results and methodology are available upon request.
About Tigrent Inc.
Tigrent Inc. (OTC Bulletin Board: TIGE, http://www.tigrent.com) is a leading provider of practical, high-quality and value-based training, conferences, publications, technology-based tools and mentoring where customers acquire learning they can apply to accumulate wealth. Through our affiliates, Tigrent Learning, Tigrent eLearning, Tigrent Brands and Rich Dad Education, we provide an innovative training model that imparts skills and knowledge in investing (real estate and financial instruments), entrepreneurship and personal finance. Tigrent combines a team of trainers, mentors and coaches who possess practical, hands-on experience in their areas of expertise with a rigorous instructional design methodology and proprietary content-rich advanced training courses to create rewarding customer experiences across the United States, United Kingdom, Canada and the Asia-Pacific region.
About Opinion Research Corporation
Opinion Research Corporation, an infoGroup company, has offered innovative solutions to the toughest market research challenges of clients worldwide since 1938. Since the 1960s, ORC has conducted CARAVAN®, the USA's longest continuously running consumer omnibus. In addition, the firm has been conducting national, speech reaction, state and flash/overnight polls for CNN since April 2006. To learn more, visit www.opinionresearch.com.
Special Note Regarding Forward Looking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include all statements other than those made solely with respect to historical facts. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results or performance to be materially different from any future results or performance expressed or implied by these forward-looking statements. These factors include those factors which can be found in our Form 10-K for the year ended December 31, 2008 and our other filings with the Securities and Exchange Commission. Forward-looking statements in this press release should be evaluated in light of these important factors. Although we believe that these statements are based upon reasonable assumptions, we cannot provide any assurances regarding future results. We undertake no obligation to revise or update any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Tigrent Inc.
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