If you want to know why many conservatives are completely against the government getting even more involved with your savings habits and your retirement then it’s perhaps because of this fact: Republicans are more likely than Democrats to have a retirement savings account.
According to a new survey by online financial advisory firm Personal Capital, 20 percent of working-age Americans do not have a retirement savings account regardless of what party they belong to. The revelation suggests that many Americans aren’t saving enough for their future.
Surprisingly, millennials feel a lot more secure about their retirement than their older counterparts (20 percent versus 12 percent). And when it comes to the issues, millennials believe terrorism (43 percent), education (31 percent) and the economy (28 percent) are the biggest priorities in this election cycle.
What about their retirement? Just seven percent said it was a priority.
This makes sense, though. Millennials face, on average, $37,000 worth of student debt. With such a huge pile of debt to contend with in the present, they aren’t likely going to think about a 401(k), IRA or a ROTH 40 years from now.
“Regardless of who wins the presidency, there are 10,000 people who retire each day in this country, and that number is expected to remain the same until the last Baby Boomer turns 65 in 2030. “If this survey shows us anything, it’s that we all need to see retirement savings as a priority, because we will all be impacted by it in the future.” said Bill Harris, CEO of Personal Capital, in a statement.
“The increasing costs of higher education are having a direct impact on millennials who are holding off on saving for retirement. With the average new graduate saddled with $37,172 in debt, up from about $35,000 last year, that may seem like the logical choice today. But, our fear is that this group will hold off until it’s too late.”
The survey also revealed that more Americans are worried about their retirement if Hillary Clinton becomes president than if Donald Trump does. But 57 percent of millennials, regardless of party affiliation, do not favor Trump at all.
The online survey was conducted from June 17 to June 19.
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