Two separate bank-sponsored studies reveal Americans lack confidence that they are – or can – save enough to retire comfortably.
One study from TD Bank, a regional operating throughout the eastern seaboard, reported improving overall savings trends. Yet, on the question of retirement, most respondents said they're not confident they'll have enough to retire comfortably.
Only 29 percent said they're "very" or "extremely confident" in their retirement prospects, and 36 percent said saving for retirement represents their main financial fear.
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And a meager 20 percent of Gen Xers said they were comfortable with how much they're saving for retirement. Twice as many millennials reported being comfortable with their retirement savings habits.
Of the 1,600 consumers surveyed, only 57 percent said they're investing money for retirement.
Throughout all demographics, a majority admitted a weakness for overspending in certain areas. Restaurants and coffee shops were the two main culprits.
Another survey from SunTrust, also a regional bank with an east coast and Mid-Atlantic presence, found higher-income households aren't saving as much as they should.
That's creating a predictable dearth in confidence when it comes to how Americans perceive their retirement prospects, according to the study.
Of households with at least $75,000 in annual income, on 37 percent of respondents age 45 to 54 believe they are saving enough to support a comfortable retirement. Confidence increases to 54 percent for savers age 35 to 44.
Again, dining out is to largely blame; 68 percent said spending too much in restaurants is feeding a lack of savings discipline.
About one-third of households making at least $75,000 report living paycheck-to-paycheck.
Both banks tout technology savings tools to encourage consumers to realign their savings habits with retirement goals.
"Given the wealth of budgeting resources and technology available today, there's something for everyone for tracking financial habits," said Nandita Bakhshi, head of Consumer Bank for TD Bank.
"Even if you don't actively budget today, the ease of new financial apps can provide a great point of entry for controlling spending and managing savings," she added.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
