8 Generational Differences in Americans' Retirement Planning Worries
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Following the COVID-19 pandemic, workers’ attitudes may have permanently shifted regarding work-life flexibility, part-time or gig work, and shared caregiving responsibilities, according to a new survey report supplement published by Goldman Sachs.
Similarly, the survey results suggest that Americans’ stated concerns about their current financial lives and their prospects for preparing adequately for retirement have also evolved, and there are clear differences across the generations with their biggest perceived hurdles to achieving financial security now and in the future.
The new crop of data offers additional insights drawn from Goldman Sachs’ annual Retirement Survey & Insights Report, which focused this year on the concept of the “financial vortex” and the way that countervailing personal and economic challenges can leave even affluent Americans struggling to make ends meet. Specifically, the supplement evaluates the distinct retirement planning challenges faced by baby boomers, Generation X, millennials and Gen Z.
By appreciating the needs of each generation, the authors argue, key stakeholders can better see the macro changes happening across Social Security, longevity, caregiving, education costs and general views on retirement that are affecting how people save and prepare.
Ultimately, the authors conclude, the financial vortex necessitates that retirement savers create a personalized plan and a strategy for navigating the complexities of investing, saving for retirement and managing debt.
“Enhancing their financial literacy can empower more informed decisions and improve retirement planning,” the authors write. “The path to retirement savings is undoubtedly challenging for each generation but we believe that with better understanding, proactive measures and strategic planning, it’s possible to help retirement savers navigate these hurdles successfully.”
See the accompanying slideshow for eight highlights from the report.
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