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High_Anxiety_Presentation_NYC_June24 JAR

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Page 1: High_Anxiety_Presentation_NYC_June24 JAR
Page 2: High_Anxiety_Presentation_NYC_June24 JAR

Gen Xers & Boomers in New York City Worry about Saving and Retirement Planning

Personal Finance Worries

2015 Survey of New York City Voters Age 35 to 69

Not being able to keep or find a job because of age

Having or taking on too much debt

Not being able to pay your bills

Having an unexpected emergency that you won’t be able to pay for

Not planning enough for retirement

Not saving enough

33%

46%

49%

57%

61%

66%

26%

53%

55%

57%

70%

78%

Gen X

Boomer

Page 3: High_Anxiety_Presentation_NYC_June24 JAR

Gen X Boomer

13%22%20% 20%

45%36%

22% 21%

Not anxious at all Not very anxious Somewhat anxious Very anxious

67% Anxious57% Anxious

2015 Survey of New York City Voters Age 35 to 69

Anxiety Runs High About Living Comfortably in Retirement

Page 4: High_Anxiety_Presentation_NYC_June24 JAR

Boomer

Gen X

Total

15%

20%

17%

15%

16%

15%

26%

30%

29%

Extremely likely Very likely Somewhat likely

Likelihood of Leaving New York

66%

56%

61%

Gen X Less Likely Than Boomers to See Themselves Retiring In New York

2015 Survey of New York City Voters Age 35 to 69

Page 5: High_Anxiety_Presentation_NYC_June24 JAR

Early Boomers (1946-1955)

Late Boomers (1956-1964)

Gen Xers (1965-1980)

0%

20%

40%

60%

80%

100%

43% 41% 42%

Source: EBRI Retirement Readiness RatingTM 2014Source for NY: Schwartz Center for Economic Policy Analysis. 2014.

In New York State, 32% of near-retirees in 2014 were at risk of retiring below poverty

Why Retirement Insecurity Matters: Large Shares of Boomers & Gen Xers At Risk

At Risk for Financially Insecure Retirement

Page 6: High_Anxiety_Presentation_NYC_June24 JAR

Percentage of New York Private Sector Workers Whose Employers Do Not Offer A Retirement Plan

Large Shares of New York Workers Have No Access to Workplace Retirement Savings

2015 Survey of New York City Voters Age 35 to 69

54%

3,621,611 New Yorkers

Page 7: High_Anxiety_Presentation_NYC_June24 JAR

More than One Third of New York Gen Xers and Boomers Have No Retirement Savings

2015 Survey of New York City Voters Age 35 to 69

Small Business Owner or Employee

Boomer

Gen X

Total

38%

42%

34%

38%

Net Percent With No Retirement Savings

Page 8: High_Anxiety_Presentation_NYC_June24 JAR

2015 Survey of New York City Voters Age 35 to 69

Voters Support a State Facilitated Retirement Savings Option for New York

Small Business Owner or Employee

Without Access to Workplace Retirement Plan

Boomer

Gen X

Total

53%

59%

52%

50%

51%

23%

18%

22%

28%

25%

Strongly support Somewhat support

76%

78%

74%

77%

76%

Page 9: High_Anxiety_Presentation_NYC_June24 JAR

Decreased home value

Caring for an elderly parent or relative

New home purchase or move

Having a lot of debt to pay off

Facing a major health need

Losing a job or taking a big pay cut

Paying for children’s education

No money left after paying bills

25%

36%

36%

44%

50%

44%

43%

59%

24%

37%

42%

49%

41%

49%

52%

65%

Gen X

Boomer

Obstacles to Saving Underscore Need for Easily Accessible Plans

2015 Survey of New York City Voters Age 35 to 69

Barriers to Saving for Retirement

Page 10: High_Anxiety_Presentation_NYC_June24 JAR

NYC Communities Rely on Family Caregivers to Provide Unpaid Care and Support

46%

Provides the Majority of the Care

Caregiver in the Past 5 Years Likely in the Next 5 Years

39%

52%

New York’s Present and Future 50+ Caregivers

2014 Survey New York City Voters Age 50+

Page 11: High_Anxiety_Presentation_NYC_June24 JAR

Caregiving Responsibilities are Straining Lives of 50+ New Yorkers

26%

33%

Degree of Strain of Caregiving on Quality of Life

OverwhelmingA Good DealMinor or no strain

2014 Survey New York City Voters Age 50+

Page 12: High_Anxiety_Presentation_NYC_June24 JAR

Harder to save for retirement

Harder to pay other bills or make ends

meets

Harder to afford a home

65%

54%

40%

Student Loan Debts' Effects

Student Loan Debts Pose an Additional Financial Burden on New York’s 50+

2015 Survey of New York City Voters Age 35 to 69

Page 13: High_Anxiety_Presentation_NYC_June24 JAR

Is the Lack of Affordable Housing a “Major Problem? Yes.Total NYC

50+ Bronx 50+

54% 57%

NYC’s Lack of Affordable Housing Ranks on Top of Major Community Concerns

2014 Survey New York City Voters Age 50+

Seniors (65+) Move into Their Current Home

due to

Financial Reason

Only One Available

28% 28%