Since the economic status of the nation is still shaky, both the young and old generations of America worry about retirement and financial prospects. Research shows that about 90 percent of people feel confident with their own financial decisions. Approximately 50 percent of Generation Y (Millennials) members aren't sure where to begin with retirement planning. However, about 30 percent of Generation X members are unsure of how to go about planning for retirement.
This research shows a nationwide need for comprehensive and continuous education about finances and retirement planning, which is necessary to properly prepare the public. If individuals receive proper education, they'll be able to have the tools and guidance necessary for building a sound strategy that will contribute to a secure financial future. It's important to have financial security from the time adulthood begins to survive rough economic times. However, it's also crucial to be financially secure when the economic stability is good.
To see Americans in every life stage feel a sense of financial control, research and findings must be made known on national agendas regarding how private and public sectors can help with this issue. To make the importance of these findings more apparent, it's important to consider what the people of both generations are saying about their opinions. The same research showed that about 80 percent of Generation X members think the economy is going in the wrong direction. Almost 50 percent of Generation X members feel that they're not financially secure. This figure represents the highest percentage of all groups surveyed.
It's also interesting to note that about 55 percent of Generation X members are worried that they won't have enough money saved for a modest retirement. Since this generation experienced the economic crises in 1987 and 2008, their worries are likely associated with those periods of economic downturn. However, they're not the only ones who experience a lack of trust for the economy. The same research showed that about 65 percent of the general population would choose to keep their money in savings instead of investing it. In addition to this, about 60 percent feel that with an economy that is less stable, it's best to contribute more to individual retirement funds. However, Generation X member disagree. About 45 percent of this generation's members feel that investing in retirement is not as important during periods of economic instability.
Unfortunately, Generation X members have been negatively impacted by the economic turmoil of the past several decades. However, this research clearly shows that all Americans show signs of uncertainty about making financial decisions. Helping these individuals move past inaction is a challenge that professionals are trying to conquer. To learn more about retirement planning, discuss available options with me today.