Consumer Surveys
2019 Retirement Preparedness Survey
Research conducted by Morning Consult for CFP Board in found that despite one of the strongest economies in decades, only 1 in 4 Americans feels financially prepared for retirement.
Findings from the study include:
- Approximately half of adults are not saving for retirement (48%). However, those that are saving are most likely contributing to a 401(k) (62%) or savings account (53%).
- Half of adults (50%) think that saving for retirement is straightforward compared to just 1 in 4 (26%) who think saving for retirement is too complicated.
- However, of the words tested, adults are most likely to say “essential” (49%), “overwhelming” (33%) and “complicated” (25%) describe saving for retirement.
- Young (18-34) and middle aged (35-44) adults are more likely than their older counterparts to say saving for retirement is too complicated.
- Half of adults say they are satisfied with the retirement savings plans available to them (55%), though only 2 in 5 (38%) say their employer offers a retirement savings account to employees.
- 2 in 3 adults do not receive retirement saving advice from a financial professional.
- Of those who are not utilizing a financial professional, over half say they think they would benefit from receiving retirement saving advice (54%).
- Young (18-34) and middle aged (35-44) adults are more likely than their older counterparts to think they would benefit from receiving retirement advice from a financial professional.
Young (18-34) and middle aged (35-44) adults are more likely than their older counterparts to say saving for retirement is too complicated.