No matter your age, you probably worry about money. And while those concerns may change over time, one worry remains at the top of the list regardless of your place in life’s journey.
In a survey of three cohorts of couples — millennials, Gen Xers and baby boomers — the largest percentage of participants in each group said “saving enough for retirement” was the money issue most likely to keep them up at night.
The findings were part of Fidelity Investments’ 2021 Couples & Money Study. In the survey, those who said saving for retirement was their top money worry included:
- 56% of millennials
- 58% of Gen Xers
- 34% of baby boomers
When asked which retirement expenses provoke the most angst, 56% said “health care expenses” while 46% said “economic conditions outside of my control” and 38% said “outliving my savings.”
There was a split between the genders on two retirement concerns.
While 35% of men say they are concerned about making sure their partner is financially prepared in the event they should die first, just 22% of women worry about this. And while 27% of women worry about being financially prepared should their partner die, just 16% of men worry about this.
It is possible that some worries about retirement income stem from a lack of knowledge. A majority of couples — 52% — say they don’t know how much money they will need to save to maintain their current lifestyle in retirement.
Yet, the survey respondents remain hopeful, with 77% expecting to live comfortably in retirement.
Getting your finances in top shape
If you have money worries, don’t wait until retirement to address them. Instead, enroll in Money Talks News’ Money Made Simple course.
Taught by Money Talks News founder Stacy Johnson, this 14-week course will teach you the money basics. Topics covered include everything you need to know about:
- Real estate
- Estate planning
After finishing the course, you will be ready to manage money efficiently while spending less time to get the results you want.