High_Anxiety_Presentation_NYC_June24 JAR
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Transcript of High_Anxiety_Presentation_NYC_June24 JAR
Gen Xers & Boomers in New York City Worry about Saving and Retirement Planning
Personal Finance Worries
2015 Survey of New York City Voters Age 35 to 69
Not being able to keep or find a job because of age
Having or taking on too much debt
Not being able to pay your bills
Having an unexpected emergency that you won’t be able to pay for
Not planning enough for retirement
Not saving enough
33%
46%
49%
57%
61%
66%
26%
53%
55%
57%
70%
78%
Gen X
Boomer
Gen X Boomer
13%22%20% 20%
45%36%
22% 21%
Not anxious at all Not very anxious Somewhat anxious Very anxious
67% Anxious57% Anxious
2015 Survey of New York City Voters Age 35 to 69
Anxiety Runs High About Living Comfortably in Retirement
Boomer
Gen X
Total
15%
20%
17%
15%
16%
15%
26%
30%
29%
Extremely likely Very likely Somewhat likely
Likelihood of Leaving New York
66%
56%
61%
Gen X Less Likely Than Boomers to See Themselves Retiring In New York
2015 Survey of New York City Voters Age 35 to 69
Early Boomers (1946-1955)
Late Boomers (1956-1964)
Gen Xers (1965-1980)
0%
20%
40%
60%
80%
100%
43% 41% 42%
Source: EBRI Retirement Readiness RatingTM 2014Source for NY: Schwartz Center for Economic Policy Analysis. 2014.
In New York State, 32% of near-retirees in 2014 were at risk of retiring below poverty
Why Retirement Insecurity Matters: Large Shares of Boomers & Gen Xers At Risk
At Risk for Financially Insecure Retirement
Percentage of New York Private Sector Workers Whose Employers Do Not Offer A Retirement Plan
Large Shares of New York Workers Have No Access to Workplace Retirement Savings
2015 Survey of New York City Voters Age 35 to 69
54%
3,621,611 New Yorkers
More than One Third of New York Gen Xers and Boomers Have No Retirement Savings
2015 Survey of New York City Voters Age 35 to 69
Small Business Owner or Employee
Boomer
Gen X
Total
38%
42%
34%
38%
Net Percent With No Retirement Savings
2015 Survey of New York City Voters Age 35 to 69
Voters Support a State Facilitated Retirement Savings Option for New York
Small Business Owner or Employee
Without Access to Workplace Retirement Plan
Boomer
Gen X
Total
53%
59%
52%
50%
51%
23%
18%
22%
28%
25%
Strongly support Somewhat support
76%
78%
74%
77%
76%
Decreased home value
Caring for an elderly parent or relative
New home purchase or move
Having a lot of debt to pay off
Facing a major health need
Losing a job or taking a big pay cut
Paying for children’s education
No money left after paying bills
25%
36%
36%
44%
50%
44%
43%
59%
24%
37%
42%
49%
41%
49%
52%
65%
Gen X
Boomer
Obstacles to Saving Underscore Need for Easily Accessible Plans
2015 Survey of New York City Voters Age 35 to 69
Barriers to Saving for Retirement
NYC Communities Rely on Family Caregivers to Provide Unpaid Care and Support
46%
Provides the Majority of the Care
Caregiver in the Past 5 Years Likely in the Next 5 Years
39%
52%
New York’s Present and Future 50+ Caregivers
2014 Survey New York City Voters Age 50+
Caregiving Responsibilities are Straining Lives of 50+ New Yorkers
26%
33%
Degree of Strain of Caregiving on Quality of Life
OverwhelmingA Good DealMinor or no strain
2014 Survey New York City Voters Age 50+
Harder to save for retirement
Harder to pay other bills or make ends
meets
Harder to afford a home
65%
54%
40%
Student Loan Debts' Effects
Student Loan Debts Pose an Additional Financial Burden on New York’s 50+
2015 Survey of New York City Voters Age 35 to 69
Is the Lack of Affordable Housing a “Major Problem? Yes.Total NYC
50+ Bronx 50+
54% 57%
NYC’s Lack of Affordable Housing Ranks on Top of Major Community Concerns
2014 Survey New York City Voters Age 50+
Seniors (65+) Move into Their Current Home
due to
Financial Reason
Only One Available
28% 28%