American Voters: We Have a Retirement Crisis

New Research Shows Only 26% of Voters Believe They Will Have Enough Money for Retirement

WILMINGTON, Del., April 23, 2024 /PRNewswire/ -- American voters are concerned about retirement savings and are not confident they will have enough money saved for their retirement years, according to public opinion research completed for the Alliance for Prosperity and a Secure Retirement.

It's not a close call. 80 percent of voters say Americans are not prepared for retirement. Even more, 87 percent say the country faces a retirement crisis.

Only 26 percent of voters said they are "extremely" or "very" confident they will have enough money for their own retirements. Another 31 percent said they are "somewhat" confident. Younger voters were less confident about their retirement security, and so were voters without pensions.

In focus group interviews, opposition to state elected officials directing pension fund investment decisions was nearly unanimous. Nearly all the focus group participants believed there is a retirement crisis in America.

Polling revealed only 25 percent of voters have seen, read, or heard about state pensions being affected by elected officials' influence over investment decisions. But there was nearly unanimous opposition to state elected officials directing pension fund investment decisions when conducting focus group interviews. Nearly all the focus group participants vocalized their belief that there is a retirement crisis in America.

Half of the voters said elected officials should not be allowed to direct investment decisions in state pension plans, while 38 percent had no opinion. Partisan allegiances were not a factor: The reaction was virtually the same among Republican, Democratic, and independent voters.

On behalf of the Alliance for Prosperity and a Secure Retirement, Public Opinion Strategies (POS) conducted focus groups in Columbus, Ohio, and Atlanta, Georgia, on Feb. 1 and Feb. 7, respectively. In each group, 2-3 respondents were enrolled in pension plans provided by state or local governments with all other participants having a minimum of $50,000 invested in the stock market across both personal and retirement accounts. A total of 38 voters participated. Groups were mixed by gender and party. POS also conducted a national mixed-mode survey from February 26-29, 2024. The survey was conducted among N=822 registered voters nationwide. The survey consisted of 54% phone interviews and 46% text-to-web interviews. The margin of error is ±3.42%.

A more complete overview of the research findings memorandum can be found HERE.

Alliance for Prosperity and a Secure Retirement (APSR) is a 501(c)(4) non-profit organization. We represent the investor's voice and advance constructive solutions to address the American retirement crisis.  We help policymakers understand the long-term implications of politicizing pension funds and the importance of supporting policies that increase access to retirement and savings solutions.

Alliance for Prosperity and a Secure Retirement
600 N King Street
Suite 300
Wilmington, DE 19801
[email protected]
302-257-5697

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SOURCE Alliance for Prosperity and a Secure Retirement