Economy’s Rising Tide Doesn’t Wash Away Financial Worry
Even as the economy has bounced back from the dark days in the late 2000s, an overwhelming number of working-age Americans still have concerns about their finances.
A new study
conducted by Harris, on behalf of the Million Dollar Round Table
, reports that 84% of Millennials (ages 18-34) and 83% of Generation Xers (ages 35-54) have financial concerns. About half (51%) of those under age 55 said their top financial concern is not having a large enough emergency fund.
Perhaps unsurprisingly, Baby Boomers reported worrying most about not having enough money saved to retire when they want. Yet just 4% of Millennials and 1% of both Boomers and Generation Xers said they were worried about not having enough financial education.
In addition, 50% of Millennials, 35% of Generation Xers and 25% of Baby Boomers reported having done nothing to prepare for retirement. Just 7% of those aged 35-54 said they had spoken with a financial advisor about their retirement plans.
“The findings in this survey reinforce the need for people to speak to a financial advisor and develop a tailored plan to accomplish their short and long-term financial goals,” said James Pittman, the MDRT’s secretary.
While lack of a rainy-day fund was the chief concern expressed by survey respondents, many working Americans said they’re struggling to make it paycheck-to-paycheck. Among Millennials, 42% reported worrying about paying off monthly bills, while 31% of Generation Xers said they had concerns about being able to pay for life’s essentials.