OneAmerica Finds Generational “Confidence Doughnut” on Retirement
According to a survey by OneAmerica Financial Partners Inc., the workers found to be most confident in their ability to retire with their current lifestyle were both the oldest and youngest groups of workers. In the survey of 6,360 visitors to its participant website, 44 percent of workers aged 20 to 30 years and 45 percent of those over 50 years are either “confident” or “very confident” about their retirement plans.
Contrastingly, just 37 percent of those aged 30 to 40 years and 35 percent of those aged 40 to 50 years exhibited that level of confidence. The group of 40-to-50 year olds was also the group with the highest number of respondents (25 percent) who reported feeling either “completely doubtful” or “not confident” in their prospects of retiring with their current lifestyle left intact.
“The drivers of retirement confidence likely vary from generation to generation,” says Marsha Whitehead, vice president of marketing communications for the retirement services division. “Younger people may be overly confident because retirement seems so far off to them, whereas older people may be drawing confidence from their life experience or may have adjusted their expectations.”
Whitehead added, “It’s imperative that plan sponsors and providers dialogue with participants who don’t feel as confident to discover the reasons for their hesitations and anxieties and work to instill confidence.”