Saving for retirement is a top financial goal for Americans across generations and across the income spectrum, according to a recent survey published by Barnum Financial Group, but there are some big differences in perspective across (and even within) demographic groups.
Groups surveyed included Generation Z (ages 18 to 27), younger millennials (ages 28 to 35), older millennials (ages 36 to 44), Gen X (ages 45 to 58) and baby boomers (ages 59 to 70). As such, the survey offers insights about working Americans’ views on retirement at many different life stages and wealth levels.
“This is a very in-depth and revealing study,” Paul Blanco, Barnum president and chief executive officer, told ThinkAdvisor. “Our aim, as always, was to gain a better and more holistic understanding of our clients’ knowledge of and comfort level with investment and insurance products.”
Another goal is to analyze and address emotional factors that are at play in the retirement-planning process, while helping financial advisors create more individualized plans for each client that will stick for the long term.
See the slideshow for a review of eight key findings from the report.
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