Debt Distracting Investors From Retirement Goals

While retirement is still the No. 1 goal of a majority of investors, its importance has fallen slightly since 2003, and other financial concerns have risen in importance. This is according to a survey released by Mercer Human Resources Consulting.

Seventy-six percent say retirement is a goal, down from 85% three years ago. At the same time, 38% say paying down debt is important, up from 25%; 34% cite saving for unexpected expenses, up from 27%; 28% point to a child’s education, up from 22%; and 25% say they are preparing for a major purchase or expenditure sometime in the future, up from 20%.

“The results of the Mercer Workplace Survey indicate that the participant is more conflicted than ever about saving for tomorrow or paying bills today,” said Beth Pasciucco, director of marketing, communications and education at Mercer.

Just under half of participants said they are confident they will be ready for retirement, and only 52% said they know how to calculate how much money they will need in retirement.

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Money Management Executive
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