Most Americans Do Not Know How Much Retirement Savings Is Needed

Only 11% of Americans say they have excellent financial health, a survey by Morning Consult found. Another 32% said good, 32% said fair, 14% said poor, and 7% said bad.

While 49% of Americans are saving for retirement, only 16% are very confident that they will have enough saved for retirement. Another 29% are somewhat confident, 23% are not too confident, and 21% are not confident at all.

Only 49% said they have sufficient tools or resources to save for retirement; 33% said they are lacking such tools and resources.

Sixty percent do not know how much money they need to save to retire comfortably. This is particularly high among Gen Z (69%), Millennials (64%) and Gen X (66%). Only Baby Boomers fall below the national average (54%).

Asked whether they have funds set aside for various scenarios, 44% each said they do not have enough saved in the event of unemployment, in the event of a health emergency or should they want to take a vacation.

Seventy-one percent of Americans know their credit score. Among Boomers, this jumps to 80%, and among Millennials, it falls to 67%. Asked how often they check their credit score, 15% said never, 10% said once a year or less, 9% said once a year, 22% said a few times a year, 27% monthly, 9% weekly, and 3% daily.

Morning Consult’s findings are based on a survey of 2,021 adults conducted between March 30 and April 1 of this year.