New survey shows Americans afraid of running out of money in retirement
Adults are scared of something else this Halloween: retirement.
A new survey from personal loan website AmOne discovered that the biggest financial fear for consumers is not having enough money stowed away for retirement. Fifty-one percent of those surveyed said that this was their biggest financial worry.
“Forty-one percent of survey respondents were pessimistic about their ability to successfully navigate financial challenges, while 38% were optimistic,” AmOne expert Gina Pogol said in a statement. “In reality, most financial fears have solutions and it is often important to address problems as early as possible.”
Data from the U.S. Government Accountability Office revealed that 29% of Americans 55 and older do not have a pension or any savings in either a 401K or IRA account.
Still, 43% of survey respondents remained somewhat or very optimistic about overcoming concerns around saving for retirement.
Excessive debt was the second biggest concern with 30% of those surveyed citing this fear. Other financial worries included paying off student loans, being able to afford college for offspring and saving enough to become a homeowner.
AmOne polled 600 people through a Google survey on Oct. 1 to complete the study.