A new survey conducted by New York Life Retirement Plan
Services finds that the majority of 1,500 retirement plan participants polled
have felt moderate to severe financial stress over the last six months. New
York Life noted that in addition, women feel less prepared overall than
their male counterparts for retirement and report higher amounts of stress as a
result.
According to a release from the firm, New York
Life's 2014 Financial Stress and Retirement Readiness Report finds that 73
percent of those surveyed reported feeling extreme or moderate financial stress
over the last six months.
In addition, 60 percent of survey respondents said they were
behind or far behind schedule in saving for retirement. Women reported both
higher levels of extreme stress and higher amounts of unpreparedness than men. Also,
more than half of respondents said they have done a poor job of investing and
saving for their children's education, which are additional stressors.
Some further highlights of the survey include:
- 60 percent of those surveyed worry moderately or
a great deal that they will experience financial difficulties
- Saving for a child's education is the number one
source of worry among parents surveyed, closely followed by retirement and
emergency savings
- 50 percent of survey respondents
had $100,000 or less saved for retirement
- On average, participants want to retire by age
62, but believe they won't be able to until 68
- 90 percent of those surveyed have no written
financial plan for retirement
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