More than four in 10 American adults have less than $25,000 saved for retirement, according to a new nationwide survey conducted by Gold IRA Guide.
Previous polling has found that over one-third of Americans feel financially unprepared for their retirement, but the latest poll reveals the true extent of that unpreparedness in today’s pandemic-era economy.
The survey also brings to light massive financial inequalities and inequities across regions and genders. Women and politically “red” states are, on average, much worse off than their male and “blue” counterparts, the survey found.
“These new data paint a grim picture, one that depicts most Americans as unprepared for retirement. Wealth inequality is not the only systemic contributor. A lack of financial literacy and knowledge handed down through the public education system is a major catalyst of retirement unpreparedness,” said financial writer Liam Hunt, one of the study authors. “Fiscal policy and social programs to address poverty alleviation and wealth inequality have limited effect when uncoupled with comprehensive financial education.”
The survey asked 5,001 American adults the following question: “How much do you have saved for retirement so far? (401k, IRA, etc.)”
The results found that men are much more prepared for retirement than women. Nearly half (48.9%) of women reported having saved less than $25,000, compared to only about a third (35.6%) of men. Of those who have saved more than $1 million, men outnumber women nearly two-to-one (+48%) and the same is true for the $500,000 to $1 million category (+49% more men than women).
Nationwide, 18.5% of respondents reported having more than $1 million saved in retirement savings accounts.
Those living in politically “red” (Republican majority) states generally had less money saved than “blue” (Democrat) states. The states with the highest percentage with less than $25,000 saved are:
1. Oklahoma (59.2%)
2. Indiana (53.4%)
3. Alabama (52.1%)
The states with the highest percentage of respondents who reported having more than $1 million saved are:
1. California (21%)
2. Connecticut (19.7%)
3. Michigan (18%)
Age did not appear to significantly skew the data. Across all age categories, “less than $25,000” was the most popular response choice, including 36.2% of all respondents aged 45 and older.
The survey was designed and published by GoldIRAGuide.com, with responses gathered from a nationally representative sample, spanning all 50 U.S. states, over a 25-day period between October 12 and November 6, 2021, and published on November 12.
See the complete study results at: https://goldiraguide.org/nationwide-survey-42-9-of-american-adults-have-less-than-25k-saved-for-retirement/
SEE ALSO:
• Retirement Savings Mostly Flat, But Some Bright Spots: Fidelity
• Bridging the Retirement Savings Behavior Gap
• This is the No. 1 Fear of Americans Facing Retirement
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
