Are Your Retirement Savings Enough? 46% of Americans Aren't So Sure, BlackRock Finds

Nearly half of US voters say they are not confident they will have enough money to live on in retirement, a BlackRock survey has found, with many younger Americans reporting the lowest levels of confidence.

The survey found 46% of voters lacked confidence in their ability to save enough for retirement, while 33% said they had no personal money saved beyond what they may receive from Social Security.

Concerns were particularly high among younger generations. More than half of Gen Z voters (54%) and Millennials (55%) said they were not confident they would have enough saved to retire.

The findings come from BlackRock's latest retirement survey, which examined voter views on retirement savings, financial security and investment options.

One-Third Have No Savings Beyond Social Security

BlackRock found one-third of voters had no personal retirement savings beyond potential Social Security benefits.

The gap was more pronounced among several demographic groups. The survey found 38% of female voters had no personal retirement savings, compared with 39% of voters of colour and 41% of mothers.

Among voters without a college degree, 43% said they had no personal money saved for retirement.

The survey also found retirement savings levels remained limited for many voters. Around two-thirds (66%) said they had less than $150,000 saved for retirement.

Among voters with more than $150,000 saved, 42% were aged between 55 and 64. Baby Boomers accounted for 40% of those with more than $150,000 saved, while 37% were members of Generation X.

Young Americans Report Lowest Confidence

Retirement concerns were highest among younger voters, according to BlackRock's findings.

The survey found 55% of Millennials and 54% of Gen Z voters were not confident they would have enough money saved to retire.

Confidence also differed across gender and location. More than half of female voters (52%) said they were not confident they would have enough saved for retirement, compared with 38% of male voters.

Urban voters also reported lower confidence levels than rural voters. BlackRock found 52% of urban voters lacked confidence in their retirement savings compared with 36% of rural voters.

The survey found 61% of voters of colour were not confident they would have enough money to retire.

Political affiliation was also linked to differences in retirement confidence. BlackRock found 68% of Republican voters were confident they would have enough money saved for retirement, compared with 41% of Democratic voters.

Most Voters Want More Investment Choices

Despite concerns over retirement savings, most voters surveyed supported expanding investment options available through retirement plans.

BlackRock found 68% of voters supported allowing retirement plans to include private market investments.

Support was highest among Republican voters at 79%, followed by independents at 63% and Democrats at 56%.

The survey also found broad support for expanding access to investment options across different types of employers.

Two-thirds of voters said nonprofit workers should receive the same investment options available to employees at for-profit organisations.

Retirement Confidence Split Across Key Groups

BlackRock's survey showed retirement confidence varies significantly depending on age, gender, location, education and political affiliation.

While some voters reported having substantial retirement savings, many others said they lacked confidence that their current finances would support them after leaving the workforce.

The survey found differences between groups in both retirement preparation and attitudes towards investment choices.

BlackRock said the research examined how voters view retirement security, personal savings and the role of investment options in helping people prepare for retirement.