Affording retirement is the most significant financial concern of New Jersey residents. That’s the key finding from the recent Kearny Bank Personal Finances Poll, an online survey conducted recently by Fairfield-based Kearny Bank.
With 1,006 responses collected, the survey indicates that more than one quarter of respondents (27.2 percent) consider being able to afford retirement their most pressing financial worry. Other frequently cited issues include healthcare (17.4 percent), housing (12.8 percent) and daily expenses/inability to save (12.6 percent). Of note, “other” – which incorporates a range of issues faced by New Jersey residents – was selected most frequently by 16.7 percent of those completing the survey. Rounding out the survey are education (10.7 percent) and transportation (2.7 percent).
While retirement is the most significant overall concern, those in the 18 to 34 age range cited housing as their main issue (20.4 percent). At the other end of the age spectrum, respondents in the 65+ category have healthcare (33.3 percent) as their top answer. Retirement is the most frequent response by those in the 35 to 44, 45 to 54, and 55 to 64 age categories, as well as for women (29 percent) and men (25.2 percent).
“With most respondents expressing concern about ability to retire, and our youngest adult residents unsure about finding affordable housing, a worrisome synergy appears to be at play,” says Eric Kesselman, first vice president/director of marketing for Kearny Bank. “Our state needs to effectively address the needs of those leaving the workforce, as well as those just entering it, or there could be decidedly negative economic repercussions.”
Copyright 2019 by the New Jersey State Society of Certified Public Accountants