According to the survey by Manulife USA, only one quarter of respondents feel they have set enough money aside to be on track for a comfortable retirement. Also, 27% are behind in funding their early retirement and 25% lagged their goals to pay for a child’s college education.
Also, American workers identified suffering financially due to an unexpected expense (72%) or losing money due to the stock market volatility (69%) as their top fears.
However, some respondents didn’t get the willies when they pondered their retirement, according to the survey. Employees participating in company retirement plans were the most like to feel content about how much their employer is involved in helping them save effectively.
The survey said respondents were saving for an average of five financial dreams with:
- 96% mostly longing for a comfortable retirement
- about three quarters (76%) looking to upgrade their retirement lifestyle
- 69% saying they want to help their adult children
- 67% wanting to own a home
- 63% wanting to have enough to pay for a young person’s college education
- 62% long for early retirement.
The survey covered 400 workers over the age of 21 contacted via telephone in June and July.