Young Americans Conflicted About Retirement Saving Priorities
Many Americans worry whether they're saving enough for retirement. Starting retirement savings at a young age is extremely important, but according to a new survey, Millennials are mixed about their priorities. Forty percent of 18–34 year olds would rather live the life they want now – having nice things and travelling – than worry about saving for retirement, as opposed to only 28% of 35–49 year olds and 26% of 50–64 year olds. Yet, 46% of 18–34 year olds worry that they're not doing enough to financially plan for retirement and 31% are not confident that they'll have enough money to live comfortably in retirement.
"A lot has been written about retirement and how people should be saving more to live comfortably in their old age. But what people are still grappling with is whether there is such a thing as going overboard with retirement savings," said Marilen Cawad, Managing Editor for TheStreet. "It's a tough balance to strike when you want to enjoy your life now, be able to retire comfortably, and still have funds for things like your child's education or unexpected medical bills."
Despite the fact that the majority (85%) believed in sacrificing for the future, of those surveyed:
- More than half (53%) are still worried about having enough money saved for retirement.
- More than a third (38%) are not satisfied with what they're currently putting aside for retirement.
When it comes to choosing between retirement savings and education:
- 32% choose to set aside money for their children's education right now, rather than saving for retirement.
- 29% are worried about having enough to get them through college.
AudienceSCAN data is available as part of a subscription to Ad-ology PRO. Media companies can access AudienceSCAN data through the Audience Intelligence Reports in AdMall.[Source: "OMNITEL poll." GfK Custom Research North America/TheStreet. Feb. 2014. Web. 14 Mar. 2014.]