Just 65 per cent of U.S. employees believe they’re on track to retire at their desired age, according to a new survey by Voya Financial Inc.
The survey, which polled more than 1,000 workers, found three-quarters (75 per cent) of generation Z and two-thirds (66 per cent) of millennials said they need help understanding how much to save for retirement, compared to just 40 per cent of baby boomers. Gen Z and millennials (67 per cent and 64 per cent, respectively) were also more likely than baby boomers (27 per cent) to say debt is limiting their ability to save.
It also found gen Z (82 per cent), millennials (71 per cent) and generation X (61 per cent) are significantly more likely than baby boomers (45 per cent) to believe their employer-sponsored pension plan will support their financial well-being in retirement.
Two-thirds of employees cited flexible hours (66 per cent) and employer-sponsored retirement plans (65 per cent) as important methods of talent attraction and retention, nearly on par with compensation (69 per cent).
The survey also noted employees’ financial uncertainty has, on average, increased in the last three months, from 64 per cent to 70 per cent, while financial frustration has increased from 59 per cent to 65 per cent and financial optimism has dropped from 48 per cent to 43 per cent.
Read: Pension dashboard could support Canadians’ retirement readiness: report