Americans Want to Save Enough to Retire, But Doubt It Will Happen

Photo courtesy Joint Base San Antonio

From staff reports

Not quite 20 percent of Americans surveyed by LendEDU said their goal was to save enough to retire one day, but almost 40 percent of them felt that goal was unattainable.

The survey was released earlier this month, and polled 1,000 Americans to understand their financial goals and their confidence that they could meet them. The data was then sorted further by generation.

Also on many minds was paying off credit card debt — 14 percent said it was a goal, but seven percent weren’t confident they would. Twenty percent said they wanted to buy their own home, but 17 percent didn’t believe they would be able to do so. 

Four percent of the post-millennial age bracket said they’d like to invest in real estate — more than the stock market or creating a retirement account.

Research analyst Mike Brown says that the generational divide came into play when the goal was paying off student loan debt — one percent of baby boomers said that was a goal, six percent of Gen Xers, 11 percent of millennials and 15 percent of post-millennials listed that as a goal.

More than a third of those responding said that an emergency bill would empty their savings.

And even more interesting, among single respondents, 72 percent said they’d rather reach their financial goals than meet the love of their life. 

To see the entire report, click here.