- When asked about the last time they tried to determine how much they would need for retirement, 45% reported estimating their needs within the last 12 months, but 37% of those over 50 said they had never tried. Nearly 41% of 18–25 year olds have begun to think about retirement planning.
- Overall, 43% said they are confident they are on the right track for a comfortable retirement which is down 8 points (51%) since the inaugural assessment in February. Six percent do not contribute anything to a retirement savings plan such as a 401(k), 403(b) or another type of workforce retirement plan while 14% contribute 3% or less.
TRENDING ON DEBT
- When asked to think about assets, debts, savings and how satisfied respondents were with their personal financial situation overall, 46% were satisfied. More than half (58%) of those aged 50-64 stated they were satisfied with their financial situation, the most satisfied of all the age ranges. Thirty-eight percent of 18 to 25 year olds felt unsatisfied with their current financial situation.
- Almost 77% overall (up 4% since February) agreed their current debt was manageable, with 7% stating they had no debt at all. Even 62% of those just beginning their careers or just out of college (18-25 year olds) said their debt was manageable and of those who are over 50, about 80% agreed.
- Nearly 73% of respondents have never paid a bill late. When asked how many times over the past 12 months they had paid a bill past its due date, 20% said they submitted late payments once or twice. Thirty percent of 25-36 year olds have paid a bill late more than once.
- Eighty-eight percent were confident they would be able to come up with
$2,000if an unexpected need arose within the next month. Of those who are 65+ nearly 100% stated they could come up with $2,000and 76% of 18-25 year olds said they could also. Fifty-seven percent overall believed they could maintain their minimum standard of living in the event of a 6-month absence from the workforce due to medical issues.
- Of the employees who consistently use credit cards, 62% said they pay the balance in full each month which is down from 66% in February; almost 30% pay more than the minimum due (25% in February); the remaining 6% of working credit card users only pay the minimum.
The data reflects assessments of more than 3,000 respondents ranging in age from 18 – 65+, taken between May and
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