“Fifty-one percent of Americans worry about their financial situation and only 37% are confident they are track for a comfortable retirement,” writes Lee Barney in a plansponsor.com piece, citing the 2016 EY Financial Wellness Assessment, based on a survey of 4,000 people conducted between August and October.
In other excerpts: “Asked when was the last time they tried to figure out how much they will need in retirement, 41% said it was within the last 12 months. However, 67% of those between the ages of 18 and 25 have never thought about retirement planning, and 33% of those older than 50 have never tried to figure out how much they will need to comfortably retire.
“Eighty-two percent contribute at least 4% of their salary to retirement savings, yet 14% contribute less than 4%.
“Sixty-nine percent said at least a portion of their portfolio is invested in a cash-type investment such as a money market or stable value fund. Conversely, 51% said they would not move their money out of stocks into safer investments in the event of a market downturn.
“Forty-one percent are satisfied with their financial situation. However, among those 18 to 25, 35% are dissatisfied with their current financial situation. Exactly half of those between the ages of 50 and 64 are satisfied—representing the most satisfied of all age ranges.”