Survey: Americans More Confident About Retirement Savings

According to Invest In You Savings Survey, 57% of the Americans are more confident now about saving for retirement than they were three years ago, Pre-Trump.

The national survey conducted by Acorns and SurveyMonkey, examined the savings behaviour of more than 2,000 Americans ages 18 and above.

The result revealed that Americans are now better in terms of managing their own money, planning for financial success and dealing with financial crisis. Approximately 56% of the respondents think they are savers rather than spenders.

In the news release published by SurveyMonkey, it is stated that if respondents are to receive an unexpected $5,000 bonus, 34% of the respondents claimed to use this to pay off debt. Almost 22% choose to save it for short-term expenditure or emergencies and 15% to invest in long-term goals like education or retirement.

The survey also showed that 30% of fresh college graduates view retirement as a top priority.

“Our survey shows a dichotomy: while Americans say they’re increasingly confident about saving for retirement, it’s also their top personal finance concern,” said SurveyMonkey Chief Research Officer Jon Cohen.

Cohen also added, “The study shows debt, near term expenses and emergencies hinder Americans’ impulse to save.”

Generations’ Retirement Plans

Meanwhile, in an article published by CNBC, it is stated that generation by generation, the figures for retirement savings differ.

For Millennials, a retirement savings of $822,789 will be enough but most only reached 10% of this goal. Generation Xers estimate a retirement savings of $980,466 but they’re only 17% of this goal.

Baby boomers are the most progressive, reaching over 30% per cent of their $1,018,488 goal for retirement. However, because these generations are over 60 years of age up to date, saving for retirement is almost done.

The goal of the survey is to examine the savings behaviour of people when it comes to retirement. Given these figures, people will be more aware of their future and how each can gain peace of mind.