According to a company press release, its sixth annual survey reveals 21% overall and 25% of Baby Boomers, born 1946 to 1964, believe they are “very prepared” financially for retirement. Overall, 38% say they expect their retirement to be “financially difficult.”
Thirty-four percent of respondents overall, 43% of Boomers, and 21% of Generation Xers, born from 1965 to 1978, say their ability to save for retirement is hampered by providing support to adult children.
Despite the difficulty of retirement savings, the survey shows the majority of respondents, regardless of age, gender, income or education, consider themselves disciplined, good savers and good shoppers. They say they stick to a budget and balance their checkbooks regularly, according to the release.
Generation X respondents are more likely than their elders to describe themselves as financially independent – 73% of Gen-Xers compared to 67% of Baby Boomers. While there is no significant difference between male respondents (70%) and female respondents (69%), Gen-X males are the most confident, with 76% saying they are financially independent.
“These findings suggest that when people look at their financial situation, they focus on how they’re able to handle their current expenses, not on long-term or retirement savings,” said Mathew Greenwald, Ph.D., president of Mathew Greenwald & Associates Inc., in the release.
Greenwald & Associates, theWashington , D.C.firm that conducted the survey for Allstate, polled 1,603 people born between 1946 and 1978, with household incomes of $35,000 or more. Retirees were accepted with incomes of at least $20,000.