Saving for retirement is Americans’ biggest financial worry, according to a survey by Bankrate.com. Younger Baby Boomers, those between the ages of 54 and 63, and Gen Xers, those between the ages of 38 and 53, are the most stressed about retirement, with 25% and 22% of these demographic groups, respectively, saying so.
Overall, among people of all age groups, saving for retirement is keeping 18% up at night.
Seventy-seven percent of older Millennials, those between the ages of 28 and 37, lose sleep over money, work, relationships and more. Forty-three percent of this age group say that money has caused them restless nights. Twenty-four percent say they are losing sleep because of their credit card debt, 20% say they are losing sleep because of worries about saving for retirement, and 17% say they are losing sleep over worries about the monthly rent or mortgage.
Thirty-nine percent of younger Millennials, those between the ages of 18 and 27, say that work has caused them to lose sleep, whereas 29% each of Gen Xers and Baby Boomers say the same. Thirty-six percent of younger Millennials are stressed about money matters, and 32% are losing sleep because of family relationship issues, romantic partners (31%) and/or friends (24%).
Overall, 50% of Millennials are losing sleep over relationships, compared to 36% of older generations. Seventeen percent of Millennials are losing sleep because of educational costs, compared to 6% of their elders.
“Millennials have a lot to worry about,” says Amanda Dixon, an analyst with Bankrate.com. “The overall economy is in good shape, but wages are stagnant, housing costs are rising and the job market has become more competitive. It’s no wonder that many 20- and 30-somethings lie awake at night.”
GfK Custom Research North America conducted the online surevey for Bankrate.com this past June.
*Fixed Annuities are long term insurance contacts and there is a surrender charge imposed generally during the first 5 to 7 years that you own the annuity contract. Withdrawals prior to age 59-1/2 may result in a 10% IRS tax penalty, in addition to any ordinary income tax. Any guarantees of the annuity are backed by the financial strength of the underlying insurance company.
Author: Lee Barney
Source: ©2020 Asset International, Inc.
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