Both men and women cite “saving enough for retirement” as their greatest financial concern, but men pay more attention, take more positive action and rely more on financial professionals, according to a new report.
MassMutual Retirement Services discloses this finding in a nationwide survey of American workers who are eligible to participate in an employer-sponsored defined contribution retirement plan.
Conducted by Brightwork Partners, the survey generally suggests that, compared to 2011 results, pessimists are more pessimistic and the optimists are more optimistic. Among survey respondents, 34 percent believe the U.S. will be in a recession in the next 12 months, higher than the 31 percent in 2011.
In terms of perceived job security, the percentage of workers who are “very concerned” about losing their jobs is up by four points (the pessimists). Conversely, the proportion of workers who are “not concerned at all” about losing their jobs is up by 9 percentage points (the optimists). Health care expense as a savings objective is up 9 percentage points overall compared to 2011, a nod to heightened focus on health care costs in general.
Retirement tops the list of savings objectives in the survey. Overall, “saving enough for retirement” has surpassed “keeping up with monthly expenses” as the biggest financial worry, up significantly to 24 percent from 18 percent in 2011. It was also cited as a major savings objective by 63 percent of participants, 21 points higher than the second most-cited worry of “paying down debt.”