US. Saving for retirement is the top financial priority for just 17% of adults, survey shows
Saving for retirement appears to be taking a backseat to other financial considerations for many Americans right now.
Just 17% have made saving for their post-working years their top financial priority for 2022, according to First National Bank of Omaha’s latest financial wellness survey. This is despite 59% of respondents worrying that they won’t be able to retire by age 65.
Additionally, 46% of those surveyed said they have less than $15,000 saved for retirement.
The survey was conducted in February among more than 1,000 U.S. adults and was weighted to reflect the population.
So what are people more focused on when it comes to their finances this year? About 40% said increasing nonretirement savings is their main goal, and an additional 30% identified paying off debt.
“While it’s a key element of your financial well-being, prioritizing retirement savings depends on where you are in the cycle of thinking about retirement, what you have in savings and your personal situation regarding employment, amount of debt, etcetera,” said Sean Baker, executive vice president of the individual customer segment for First National Bank of Omaha.
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