Post-Pandemic Realities: The Retirement Outlook of theMultigenerational Workforce
23rd Annual Transamerica Retirement Survey of Workers
July 2023© 2023 Transamerica Institute. All rights reserved.

Table of Contents
Introduction
About the Authors

Page 3

About Transamerica Center for Retirement Studies®

Page 4

About the Report

Page 5

Methodology: 23rd Annual Transamerica Retirement Survey of Workers

Page 6

Terminology and Sample Sizes

Page 7

Acknowledgements

Page 8Post-Pandemic Realities: The Retirement Outlook of the Multigenerational Workforce
Key Highlights

Page 9

Recommendations

Page 37

Detailed Findings•
A Portrait of Four Generations

Page 40
Page 41•

Visions of Aging & Retirement

Page 46•

Current Health & Well-Being

Page 62•

Employment & Personal Finances

Page 77•

Retirement Outlook & Savings

Page 92•401(k)s & Employer-Sponsored Benefits

Page 103•

Retirement Planning & Expertise

Page 119

Appendix•

A Portrait of Workers by Generation

Page 135
Page 1362

About the Authors
Catherine Collinson serves as CEO and president of Transamerica Institute®, a nonprofit private foundation which includes
Transamerica Center for Retirement Studies®. She is a champion for Americans who are at risk of not achieving a financiallysecure retirement. Catherine oversees all research, publications, and outreach initiatives, including the Annual Transamerica
Retirement Survey.
With more than two decades of retirement industry experience, Catherine is a nationally recognized voice on retirement
trends. She has testified before Congress on matters related to employer-sponsored retirement plans among small business,
which featured the need to raise awareness of the Saver’s Credit among those who would benefit most from the important
tax credit.
In 2018, Catherine was named an Influencer in Aging by PBS’ Next Avenue. In 2016, she was honored with a Hero Award
from the Women’s Institute for a Secure Retirement (WISER) for her tireless efforts in helping improve retirement security
among women. Catherine serves on the Advisory Board Leadership Council of the Milken Institute’s Center for the Future ofAging. She co-hosts the ClearPath: Your Roadmap to Health & WealthSM radio show on Baltimore’s WYPR, an NPR news
station.
Catherine is employed by Transamerica Corporation. Since joining the organization in 1995, she has held a number of
positions with responsibilities including the incorporation of Transamerica Center for Retirement Studies as a nonprofit
private foundation in 2007 and its expansion into Transamerica Institute in 2013.
Heidi Cho is a senior research content analyst for Transamerica Institute. She began her career as an intern at Transamerica
Center for Retirement Studies in 2012. She joined the organization full time in 2014 upon graduating from the University ofSouthern California. She is employed by Transamerica Corporation.

3

About Transamerica Center for Retirement Studies•

Transamerica Center for Retirement Studies® (TCRS) is an operating division of Transamerica
Institute® (The Institute), a nonprofit, private foundation. TCRS is dedicated to educating the public on
trends, issues, and opportunities related to saving and planning for retirement and achieving financial
security in retirement. It conducts one of the largest and longest-running annual retirement surveys of
its kind. For more information about TCRS, please visit www.transamericainstitute.org/about•

The Institute is funded by contributions from Transamerica Life Insurance Company and its affiliates,
and it may receive funds from unaffiliated third parties.

•

TCRS and its representatives cannot give ERISA, tax, investment, or legal advice. This material isprovided for informational purposes only and should not be construed as ERISA, tax, investment, or
legal advice. Interested parties must consult and rely solely upon their own independent advisors
regarding their particular situation and the concepts presented here.

•

Although care has been taken in preparing this material and presenting it accurately, TCRS disclaims
any express or implied warranty as to the accuracy of any material contained herein and any liability
with respect to it.

4About the Report•

Limited Print and Electronic Rights. This document and trademark(s) contained herein are federally
registered or otherwise protected by law. This representation of Transamerica Institute (TI) intellectual
property is provided for noncommercial use only and this work is licensed under the Creative Commons
Attribution-NonCommercial-NoDerivatives 4.0 International License. To view a copy of this license, visit
http://creativecommons.org/licenses/by-nc-nd/4.0/ or send a letter to Creative Commons, PO Box
1866, Mountain View, CA 94042, USA. Unauthorized posting of this publication online for commercial
purposes is prohibited. Permission is required from TI/TCRS to reproduce, redistribute, or reuse thiswork, in any form, or any of TI/TCRS’ research or other proprietary documents for commercial use.

5

Methodology: 23rd Annual Transamerica Retirement Survey of Workers•

The analysis contained in this report was prepared internally by the research team at Transamerica
Institute and Transamerica Center for Retirement Studies (TCRS).

•

A 22-minute online survey was conducted within the U.S. by The Harris Poll on behalf of Transamerica
Institute and TCRS between November 8 and December 13, 2022 among a nationally representative
sample of 5,725 workers in a for-profit company employing one or more employees. Respondents in thissubsample met the following criteria, based on self-reported employment status:― U.S. residents, age 18 and older― Full-time or part-time workers in a for-profit company employing one or more employees• Data are weighted where necessary by age by gender, race/ethnicity, region, education, marital status,
household size, household income and propensity to be online to bring them in line with their actual
proportions in the population.
• Respondents for this survey were selected from among those who have agreed to participate in our
surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval.
For this study, the sample data is accurate to within + 1.7 percentage points using a 95% confidence
level. This credible interval will be wider among subsets of the surveyed population of interest.
• All sample surveys and polls, whether or not they use probability sampling, are subject to other multiple
sources of error which are most often not possible to quantify or estimate, including, but not limited tocoverage error, error associated with nonresponse, error associated with question wording and response
options, and post-survey weighting and adjustments.

• Percentages are rounded to the nearest whole percent.

6

Terminology and Sample Sizes
This report uses the following terminology:
Generation*
Base Size• Generation Z:
Born 1997 to 2012
N=601
• Millennial:
Born 1981 to 1996
N=2,475• Generation X:
Born 1965 to 1980
N=1,748• Baby Boomer:
Born 1946 to 1964
N=879
*Note: TCRS has updated its definition of birth years for generations to align with standard
industry practice, as defined by Pew Research Center. This is the first year that TCRS is using
these definitions.
All Workers
Refers to all workers in a for-profit company and aged 18 and older

7

Acknowledgements
Scott Albertson

Michelle Gosney

Julie Quinlan

Aurora Ares

Carson Gutierrez

Morgan Rhodes-Leonard

Jahnee Arnstead

Katie Helgens

Adrienne Robertson

Sean Cassidy

Willem van Hoeven

Amanda Trask

Heidi Cho

Elizabeth Jackson

Theresa Ma Valisno

Benita Collier

Morgan Karbowski

Mihaela Vincze

Catherine Collinson

Rhonda Kepley

Ashlee Vogt

Christopher Conrad

David Krane

Holly Waters

Jolene Crittenden

Patricia Levine

Steven Weinberg

Reece Dinauer

Bryan Mayaen

Hank Williams

Phil Eckman

Oliver Meyer

Kisa Yonker

Lard Friese

Greg Miller-Breetz

Christine Zang

Will Fuller

Maurice Perkins

Jaime Zaruba

Holly Gerber

Jamie Poston

8Key Highlights
Today’s workers are navigating the extended hangover of thepandemic as well as new disruptions that pose a threat totheir lifestyles and livelihoods. Many workers are confronting
short-term employment and financial challenges that have
implications for their ability to save and invest for their future
retirement. A concerted effort is needed among policymakers,
employers, and workers themselves to put them back on theroad towards a financially secure retirement.
Post-Pandemic Realities: The Retirement Outlook of theMultigenerational Workforce, a collaboration between
nonprofit Transamerica Center for Retirement Studies (TCRS)
and Transamerica Institute, examines the employment,
personal finances, and retirement preparations of U.S.
workers aged 18 and older and employed by for-profit
companies. The report provides comparisons of Generation Z,
Millennials, Generation X, and Baby Boomers, and it offers
recommendations for workers, employers, and policymakers.
The report is based on findings from the 23rd Annual
Transamerica Retirement Survey, one of the largest andlongest running surveys of its kind.

9Key Highlights
A Portrait of Four Generations
For decades, the retirement landscape has evolved in response to increases in longevity, workforce and employment trends, thetransformation of employer-sponsored retirement benefits, and potential reforms to Social Security benefits. It’s shifting so
rapidly that many of the underlying expectations and assumptions about retirement differ among the generations currently inthe workforce.
•

Generation Z (born 1997 to 2012) are young and have decades to grow their retirement savings. They will change
employers many times throughout their careers and likely spend time in self-employment, so they must be diligent inmanaging their retirement savings, especially during transitions.
Generation Z entered the workforce shortly before COVID-19 when unemployment rates were at historic lows, thenskyrocketed at the onset of the pandemic, and have remained volatile ever since. Despite this tumultuous start to theircareers, Generation Z will have even greater access to 401(k)s and workplace retirement plans than their predecessors.
Many Generation Z workers are planning to live long lives including 17% who are planning to live to age 100 or older. Morethan seven in 10 Generation Z workers (72%) are in good or excellent health, but 71% are concerned about their mental
health.
The pandemic and labor market have been especially difficult for Generation Z workers. More than half (52%) experienced
one or more negative impacts on their employment, ranging from layoffs and furloughs to reductions in hours and pay. Fiftyseven percent have trouble making ends meet. Thirty percent are working two or more jobs and 57% have a side hustle.
Sixty-six percent of Generation Z workers are saving through employer-sponsored 401(k)s or similar retirement plans
and/or outside the workplace — and they started saving at the unprecedented young age of 19 (median). Thoseparticipating in a 401(k) or similar plan contribute 20 percent (median) of their annual pay. Generation Z workers havesaved $29,000 (estimated median) in total household retirement accounts but only $1,000 (median) in emergency
savings. An alarming 28% of Generation Z workers have taken a hardship withdrawal and/or early withdrawal from a 401(k)or similar plan or IRA.

10

Key Highlights
A Portrait of Four Generations (cont.)•

Millennials (born 1981 to 1996). Millennials entered the workforce around the Great Recession, which began in late 2007.
They experienced a turbulent economy in their early working years and again, recently during the pandemic and its
aftermath. They started their careers with higher levels of student debt than previous generations. Millennials have waited
to buy homes, get married, and start families. Now in their late twenties to early forties, Millennials have entered theirsandwich years of juggling careers, raising children, and caring for aging parents. Although most are saving for retirement,
many are falling behind. Relatively few are engaging in retirement planning which could help improve their prospects.
More than eight in 10 Millennial workers (83%) are generally happy, but 69% are concerned about their mental health.
Forty-nine percent often feel anxious and depressed. Almost half (48%) have trouble making ends meet.
Forty-four percent experienced one or more negative employment impacts as a result of the pandemic, and 30% became
unemployed during the pandemic for various reasons. Twenty-one percent currently have two or more jobs, and 45% have aside hustle.
Many Millennials will be called upon as caregivers for aging parents or loved ones. Unfortunately, this invaluable labor oflove could be at the expense of their employment and ability to save for retirement. Forty percent of Millennial workers are
currently serving and/or have served as a caregiver for a relative or friend during their working career.
More than in four Millennial workers (78%) are saving for retirement in a 401(k) or similar plan and/or outside theworkplace. They began saving at age 25 (median). Those participating in a 401(k) or similar plan contribute 12 percent(median) of their annual pay. Millennial workers have saved $49,000 (estimated median) in total household retirement
accounts but just $3,500 (median) in emergency savings. Twenty-four percent have taken a hardship withdrawal and/or
early withdrawal from a 401(k) or similar plan or IRA.

Only 34% of Millennial workers have a financial strategy for retirement in the form of a written plan.

11

Key Highlights
A Portrait of Four Generations (cont.)•

Generation X (Born 1965 to 1980). Generation X entered the workforce in the 1980s and 1990s as defined benefit plans
were starting to vanish from the retirement landscape. 401(k)s were just becoming available, but relatively few workers hadaccess and saved in them. At the time, 401(k)s were relatively primitive with few investment options, limited investment
education and guidance, and printed quarterly statements sent via U.S. mail. Most Generation X workers are now saving for
retirement, but many may fall short. The oldest members of Generation X are now in their late-50s and the youngest are in
their early 40s, and many seek to extend their working lives to save more and retire later. There is no time like the present
for them to build their savings, create long-term financial plans, and safeguard their health and employability.
Only 17% of Generation X workers are very confident they will be able to fully retire with a comfortable lifestyle and just 24%
strongly agree they are building a large enough retirement nest egg. Eighty percent are concerned Social Security will not
be there for them when they are ready to retire.
Eighty-one percent are saving for retirement in an employer-sponsored 401(k) or similar plan and/or outside the workplace.
Generation X workers began saving at age 30 (median). Those participating in a 401(k) or similar plan contribute 10
percent (median) of their annual pay. They have saved $82,000 (estimated median) in total household retirement accounts
but only $5,000 (median) in emergency savings. Nineteen percent have taken an early withdrawal and/or hardshipwithdrawal from a 401(k) or similar plan or IRA.
Generation X workers seek to extend their working years with more time to save. Forty percent expect to retire at age 70 orolder or do not plan to retire, and 54% plan to work in retirement.

12Key Highlights
A Portrait of Four Generations (cont.)•

Baby Boomers (Born 1946 to 1964). Baby Boomers have re-written societal rules at every stage of their lives, including
retirement. By working into older age and seeking a flexible transition to retirement, they are upending the long-standing
societal notion that work and retirement are mutually exclusive. As a result, they are paving the way for future generations.
Many Baby Boomers were mid-career when the retirement landscape began shifting from traditional defined benefit
pension plans toward 401(k) or similar plans. They started saving at an older age compared with younger generations andhave not enjoyed the same time horizon to grow their investments. Now in their late fifties to seventies, Baby Boomers areespecially vulnerable to employment risks, volatility in the financial markets, and increasing inflation — all of which could
disrupt their retirement plans.
Forty-one percent of Baby Boomer workers expect Social Security to be their primary source of retirement income. Eightyfive percent are saving for retirement in an employer-sponsored 401(k) or similar plan and/or outside the workplace. They
began saving at age 35 (median). Those participating in a 401(k) or similar plan contribute 10 percent (median) of theirannual pay. Baby Boomer workers have saved $289,000 (estimated median) in total household retirement accounts but
only $25,000 (median) in emergency savings.
Almost half of Baby Boomer workers (49%) expect to work past age 70 or do not plan to retire. Their reasons for doing so
are almost as likely to be healthy-aging related (77%) as financial-related (83%). However, their success depends on
support from employers. Just two-thirds (66%) say their employers are age-friendly (for example, by offering opportunities,
work arrangements, and training and tools needed for employees of all ages to be successful).
Baby Boomers are extending their working lives, which can help bridge savings shortfalls. However, it is important for themto have backup plans because life’s unforeseen circumstances could derail their best intentions.

Many workers across generations are at risk of not achieving a financially secure retirement. Given the disruption of thepandemic on workers’ employment, finances, health, and the increased strain on social safety nets, the retirement risks faced
by workers are greater than ever before.

13Key Highlights
Visions of Aging & Retirement
Most workers are keeping their sights set on their future retirement. They are planning on long lives. Their retirement dreams
range from travel and spending more time with family and friends, to pursuing hobbies and volunteerism. Some are evendreaming of doing paid work.
Many of today’s workers expect to work beyond age 65 or do not plan to retire — and the majority plan to continue working atleast part-time in retirement, a trend that is consistent with previous TCRS surveys. Most plan to do so for both healthy aging
and financial-related reasons.
•

•

•

•

Age Planning to Live. Today’s workers are planning to live to age 88 (median). One in eight workers (13%) are planning tolive to age 100 or older. More than one in three workers (35%) are “not sure,” a reasonable answer given the nature of
the question. The survey compared workers’ planned life expectancy with their expected retirement age and found thatthey plan to spend 25 years in retirement (median). For workers, longevity has implications for the time they spend in
the workforce relative to retirement, the mindset for a flexible career path, and alternative pathways into retirement.
Age Planning to Live to by Generations. Younger generations are more likely to plan to be centenarians. Approximately
one in six Generation Z and Millennials are planning to live to age 100 or older, which is a significantly higher proportion
than Generation X and Baby Boomers (17%, 15%, 11%, 8%, respectively). Workers’ expected time in retirement
decreases with age. Generation Z expects to spend 30 years in retirement, compared with Millennials (26 years),
Generation X (25 years), and Baby Boomers (23 years) (medians).
Positive and Negative Word Associations with “Retirement”. Eighty-seven percent of workers cite positive word
associations with “retirement” compared with only 42% who cite negative words. Workers’ three most often cited
positive word associations are “freedom” (55%), “enjoyment” (51%), and “stress-free” (42%), while the three most often
cited negative word associations are “financial insecurity” (19%), “health decline” (16%), and “boredom” (16%).
Word Associations With “Retirement” by Generation. Workers across generations most often associate retirement with“freedom,” “enjoyment,” and “stress-free.” Generation Z and Millennials are more likely to associate retirement with“personal growth” (29%, 27%), compared with Baby Boomers and Generation X (18%, 17%, respectively). Approximately
one in six workers across generations associate retirement with “financial insecurity,” including 16% of Generation Z,
19% of Millennials, 22% of Generation X, and 18% of Baby Boomers.

14

Key Highlights
Visions of Aging & Retirement (cont.)
•

•

•

•

Retirement Dreams. Workers share top three retirement dreams such as traveling (64%), spending more time withfamily and friends (55%), and pursuing hobbies (48%). However, some retirement dreams differ across generations.
Millennials and Generation Z are more likely than Generation X and Baby Boomers to dream of doing some form of paid
work in retirement (39%, 38%, 27%, 23%, respectively). Twenty-six percent of Baby Boomers dream of doing volunteer
work. Notably, Generation Z, Millennials, and Generation X are more likely than Baby Boomers to dream of taking care of
grandchildren (23%, 22%, 20%, 14%).
Retirement Fears. Workers’ greatest retirement fears include outliving their savings and investments (39%), Social
Security will be reduced or cease to exist (36%), declining health that requires long-term care (35%), not being able tomeet the needs of their family (32%), and possible long-term care costs (31%). Baby Boomers and Generation X are
more likely than Millennials and Generation Z to fear outliving their savings and investments (49%, 42%, 36%, 32%,
respectively). Generation Z is significantly more likely than other generations to fear feeling isolated and alone (36%) andthe lack of affordable housing (34%). Across generations, approximately three in 10 workers fear possible long-term carecosts and fear losing their independence and cognitive decline, dementia, Alzheimer’s Disease. Approximately one infour cite lack of access to adequate and affordable health care.
Expected Retirement Age. Fifty-two percent of workers expect to work past age 65 or do not plan to retire. Moreover,
40% of workers expect to retire at age 70-plus or do not plan to retire. Expectations of working later in life increase withworkers’ age. Almost half of Baby Boomers (49%) either expect to or are already working past age 70 or do not plan toretire, followed by Generation X (40%), Generation Z (37%), and Millennials (36%). Younger generations including
Generation Z and Millennials are more likely than Generation X and Baby Boomers to expect to retire before age 65(41%, 32%, 23%, 13%, respectively).
Plans to Work in Retirement. Fifty-five percent of workers plan to work after they retire, including 18% who plan to work
full time and 37% who plan to work part time. Workers across generations similarly plan to continue working inretirement, including 53% of Generation Z, 56% of Millennials, 54% of Generation X, and 55% of Baby Boomers.
However, Millennials are more likely than Generation Z, Generation X, and Baby Boomers to plan to work full-time inretirement (24%, 17%, 16%, 11%, respectively). Baby Boomers are more likely than Generation X, Millennials, andGeneration Z to expect to work part-time in retirement (44%, 38%, 32%, 36%, respectively).

15

Key Highlights
Visions of Aging & Retirement (cont.)
•

•

•

•

Health and Financial Reasons for Working in Retirement. Workers planning to work past age 65 and/or in retirement (orare already doing so) cite both healthy-aging and financial reasons (80%, 78%, respectively). The top healthy-aging
reason is to be active (50%), while the top financial reason is wanting the income (52%). Other frequently cited healthyaging reasons are to “keep my brain alert” (42%), “enjoy what I do” (39%), and “have a sense of purpose” (36%). Other
frequently cited financial reasons are “concerned that Social Security will be less than expected” (33%), “can’t afford to
retire” (31%), and “need health benefits” (27%).
Reasons for Working in Retirement by Generations. Workers across generations similarly share financial and healthyaging related reasons for working past age 65 and/or in retirement with some differences. Baby Boomers andGeneration X are more likely to indicate they want the income (64%, 54%, respectively) and are concerned that Social
Security benefits will be less than expected (35%, 42%). Generation Z and Millennials are more likely to cite personal
development as a reason (27%, 21%).
Phased Transition Into Retirement. Forty-four percent of workers envision transitioning into retirement either by reducing
their hours with more time to enjoy life (26%) or working in a different capacity that is either less demanding and/orbrings greater personal satisfaction (18%). Fewer than one in four workers (24%) envision they will immediately stop
working either when the reach a certain age (13%) or when they have saved a specific amount of money (11%). Twentyone percent of workers envision they will continue working as long as possible in a current or similar position until theycannot work anymore. Workers across generations generally share these visions; however, Baby Boomer workers are
more likely to expect to retire when they reach a specific age.
Age-Friendly Employers. Two-thirds of workers (67%) consider their employers to be “age-friendly” by offering
opportunities, work arrangements, and training and tools needed for employees of all ages to be successful in theircurrent role or contribution to the company. This perspective is shared across Generation X (64%), Baby Boomers (66%),
Generation Z (67%), and Millennials (70%). Seventeen percent of workers say their employers are not age-friendly, and
16% are not sure. With an increasingly multigenerational workforce, age-friendly employers are vital in the ever-evolving
future of work.

16

Key Highlights
Visions of Aging & Retirement (cont.)•••

Retirement Transition Offerings by Employers. Relatively few workers (41%) indicate their employer offers retirementtransition assistance such as accommodating flexible work schedules and arrangements (23%), enabling employees toreduce work hours and shift from full-time to part-time (21%), and/or enabling employees to take positions that are lessstressful or demanding (18%). One in five workers indicate their employers encourage employees to participate insuccession planning, training, and mentoring (21%). Some workers are offered financial counseling about retirement(18%), retirement-oriented lifestyle and transition planning resources (16%), information about encore careers (16%),and seminars and education about retirement transitions (15%). Twenty-one percent of workers say their employer does
“nothing” and 21% are “not sure” if their employer offers anything.
Flexible Transition Arrangements by Generations. Baby Boomers, the generation nearing and entering retirement, areless likely than younger generations to indicate their employers offer ways to help their employees transition into
retirement. Only 29% of Baby Boomer workers say their employers offer one or more types of transition such as flexible
work schedules and arrangements (21%), reducing work hours and shifting from full-time to part-time (15%), and/or
taking a position that is less stressful or demanding (11%). Only 14% indicate their employers offer financial counselingabout retirement. More than one in three Baby Boomers workers (36%) say their employer does “nothing.”
Proactive Steps Taken to Help Ensure Continued Work. Almost nine in 10 workers (89%) have taken at least one
proactive step to help ensure they can continue to work as long as they want and need. However, the question iswhether they are doing enough. Fewer than six in 10 workers say they are staying healthy so they can continue working(58%) and performing well at their current job (54%). Only 49% are keeping their job skills up to date. Even fewer
workers are networking and meeting new people (26%), taking classes to learn new skills (24%), scoping out theemployment market (19%), obtaining a new degree, certification, or professional designation (17%), and attending
virtual conferences and webinars (15%). Baby Boomers are more focused on health and job performance, while
Generation X, Millennials, and Generation Z tend to be more engaged in networking and upskilling-related activities.

As workers plan to extend their working lives, it is important they become more proactive about taking steps that can help
protect their employability, such as protecting their health, keeping their job skills up to date, staying abreast of theemployment market, and networking and meeting new people.

17

Key Highlights
Current Health & Well-Being
Enjoying life is a top priority among workers across generations. Workers have a generally positive outlook on life, but many
are also struggling with anxieties and concerns about their physical and mental health. Younger workers, including Generation
Z and Millennials, are even more likely to be concerned about their mental health.
While most workers are concerned about their health in older age, many are taking insufficient action. Workers of all ages cantake additional steps to protect their health, ranging from eating healthy, exercising regularly, getting plenty of rest, andmanaging stress, to staying on top of recommended health screenings and caring for their mental health.
•••Top Life Priorities. Workers across generations share life priorities with unique differences. Enjoying life is the top life
priority among workers (58%); however, Baby Boomers are significantly more likely to cite it than younger cohorts
including Generation X, Millennials, and Generation Z (71%, 57%, 55%, 53%, respectively). Similarly, being healthy and fit
is the second most-often cited priority among workers (53%). Yet Baby Boomers are more likely to cite it than Generation
X, Millennials, and Generation Z (63%, 54%, 50%, 47%). Older workers including Baby Boomers, Millennials, andGeneration X are also more likely than Generation Z to cite planning for their financial future (51%, 50%, 49%, 42%). In
contrast, younger workers including Generation Z, Millennials, and Generation X are more likely than Baby Boomers tocite focusing on family, their career, and pursuing lifelong learning as top life priorities. Other life priorities shared acrossgenerations include leading a more sustainable life, giving back to the community, and serving as a caregiver.
Outlook on Life. Most workers have positive sentiments about life, such as being generally happy (84%), having close
relationships with family and/or friends (83%), enjoying life (81%), and having a strong sense of purpose in life (78%).
Seventy-three percent of workers have a positive view of aging and 67% have an active social life. However, a concerning
number of workers are experiencing distress, such as often feeling unmotivated and overwhelmed (44%), feelinganxious and depressed (43%), having trouble making ends meet (43%), and feeling isolated and lonely (31%).
Outlook on Life by Generations. While most workers across generations have positive feelings about life, Baby Boomers
are generally more likely than younger cohorts to be generally happy (90%), have close relationships (90%), be enjoying
life (86%), and have a strong sense of purpose in life (85%). Indicators of distress decrease with age. Baby Boomers,
Generation X, and Millennials are less likely to experience them than Generation Z. An alarming percentage ofGeneration Z often feeling unmotivated and overwhelmed (63%), often feeling anxious and depressed (61%), having
trouble making ends meet (57%), and are isolated and lonely (43%).
18

Key Highlights
Current Health & Well-Being (cont.)
•

•

•

•

•

Self-Described General Health. Most workers (78%) self-describe their general health as excellent or good, with 21%
describing it as excellent and 57% as good. Twenty percent describe their health as fair and two percent as poor. Baby
Boomers and Generation X are less likely to describe their general health as excellent than Generation Z and Millennials(16%, 17%, 24%, 25%, respectively). Of concern, nearly three in 10 Generation Z workers (29%) describe their general healthas fair or poor.
Concerns About Physical Health. Nearly seven in 10 workers (69%) are concerned about maintaining their physical health,including 30% who are very concerned and 39% who are somewhat concerned. Generation Z, Millennials, and Generation X
are more likely to be very concerned about their physical health than Baby Boomers (34%, 32%, 29%, 22%, respectively).
Concerns About Mental Health. More than six in 10 workers (61%) are concerned about maintaining their mental health,including 30% who are very concerned and 31% who are somewhat concerned. Generation Z and Millennials are more likely
to be very concerned about their mental health than Generation X and Baby Boomers (38%, 36%, 26%, 18%, respectively).
Concerns About Health in Older Age. More than seven in 10 workers (71%) are concerned about their health in older age,
including 23% who are very concerned and 48% who are somewhat concerned. Workers across generations similarly shareconcerns about health in older age including Generation Z, Millennials, Generation X, and Baby Boomers (66%, 71%, 72%,
72%, respectively). However, more than one in five Generation X and Millennials are very concerned about their health inolder age (23%, 25%), compared with just 19% of both Generation Z and Baby Boomers.
Engagement in Healthy Activities. When asked about health-related activities they are doing on a consistent basis, morethan half of workers most indicate they are exercising regularly and eating healthy (both 53%). Other often-cited activities
are socializing with family and friends (47%), getting plenty of rest (46%), and maintaining a positive outlook (43%).
Relatively few workers are seeking medical attention when needed and getting routine physicals (41%) and recommended
health screenings (38%). While 42% of worker are managing stress, few are practicing mindfulness and meditation andseeking mental health support when needed (both 21%). Only 19% of workers are considering long-term health when
making lifestyle decisions.

19Key Highlights
Current Health & Well-Being (cont.)
•

•

•

•

Engagement in Healthy Activities by Generation. Workers across generations most often cite exercising regularly andeating healthy as health-related activities they do on a consistent basis. Older workers are generally more likely to beengaging in healthy activities. Baby Boomers are significantly more likely than Generation X, Millennials, and Generation Z
to seeking medical attention when needed (64%, 44%, 34%, 27%) and getting routine physicals and recommended healthscreenings (64%, 42%, 29%, 24%). Younger workers including Millennials and Generation Z are more likely than
Generation X and Baby Boomers to be practicing mindfulness and meditation (23%, 23%, 19%, 16%) and seeking mental
health support when needed (25%, 22%, 20%, 11%). Relatively few workers across generations are considering long-term
health when making lifestyle decisions.
Employer Support for Achieving Work-Life Balance. Three in four workers (75%) indicate their employers are helpful insupporting them achieve work-life balance, including 28% who feel they are very helpful and 47% who feel they are
somewhat helpful. Millennials are more likely than Baby Boomers, Generation Z, and Generation X to feel their employers
are very helpful (32%, 27%, 26%, 25%, respectively). In contrast, Generation X and Baby Boomers are more likely than
Generation Z and Millennials to feel their employers are not helpful in supporting them achieve work-life balance (28%,27%, 23%, 22%).
Importance of Flexible Work Arrangements. More than eight in 10 workers (83%) feel it is important for their employer tooffer flexible work arrangements, including 49% who feel it is very important and 34% who feel it is somewhat important.
Generation Z and Millennials are more likely than Generation X and Baby Boomers to feel flexible work arrangements areimportant (88%, 88%, 79%, 73%, respectively). Fifty-five percent of Millennial workers feel flexible work arrangements arevery important.
Flexible Work Arrangements. Almost nine in 10 workers (87%) indicate their employers offer one or more types ofalternative work arrangements. The most often cited types are flexible work schedules (46%), the ability to adjust work
hours as needed (39%), and the ability to take unpaid leave of absence (34%). Approximately one in four workers areoffered hybrid work arrangements (29%), the ability to work somewhere on-site (27%), and the ability to exclusively work
remotely (25%). Only 22% are offered the ability to switch from full-time to part-time and vice versa. Thirteen percent ofworkers indicate their employer does not offer any alternative working arrangements.

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Key Highlights
Current Health & Well-Being (cont.)••

Flexible Work Arrangements by Generations. Generation Z and Millennials are more likely to be offered one or more
flexible work arrangements than Generation X and Baby Boomers (91%, 90%, 85%, 81%, respectively). Nearly one in five
Baby Boomers (19%) say their employer does not offer any flexible work arrangements, which is significantly more than
Generation X, Millennial, and Generation Z workers (15%, 10%, 9%).
Worker Success in Managing Work-Life Balance, Eight in 10 workers (80%) feel they are successful at managing work-lifebalance, including 29% who feel very successful and 51% who feel somewhat successful. Baby Boomers are more likely
than younger generations including Generation X, Millennials, and Generation Z to feel that they are very successful(35%, 30%, 30%, 21%, respectively). In contrast, Generation Z is generally more likely than older generations including
Millennials, Generation X, and Baby Boomers to feel that they are not successful at managing work-life balance (25%,20%, 19%, 14%).

Three in four workers indicate their employers are supportive in helping them achieve work-life balance, and most are offered
one or more types of flexible work arrangements. Eight in 10 workers feel successful in achieving work-life balance. It is
critical that workers and employers alike maintain this focus on work-life balance so that workers can fulfill their employment
obligations while attending to their own health, well-being, and families.

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Key Highlights
Employment & Personal Finances
Many workers experienced employment-related setbacks during the pandemic ranging from layoffs and furloughs to reductions
in hours and pay which impacted their income and financial well-being. More than one in four indicate their financial situation
worsened since the pandemic.
Most workers have full-time employment, but some work part-time for reasons ranging from personal preference to going toschool, parenting, caregiving, and transitioning into retirement. Some are working two or more jobs, and almost four in 10 havea side hustle. Workers face competing financial priorities ranging from paying off debt and covering basic living expenses tobuilding emergency savings, saving for retirement, and supporting their families.
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Changes to Finances Since the Pandemic Began. While most workers indicate their financial situation stayed the same(51%) since the pandemic began, 27% say it worsened and 21% say it improved. Generation X is more likely to indicate
their financial situation worsened, compared with Baby Boomers, Millennials, and Generation Z (32%, 26%, 26%, 22%,
respectively). In contrast, Generation Z and Millennials are more likely than Generation X and Baby Boomers to indicate
their finances improved (29%, 24%, 16%, 17%).
Negative Employment Impacts Resulting From the Pandemic. As of late 2022, almost four in 10 workers (38%) had
experienced negative employment impacts as a result of the pandemic, including reduced work hours (19%), being laid off(13%), reduced salary (11%), and furloughed (9%). However, there are stark differences across generations. Generation Z
and Millennials were significantly more likely to have been negatively impacted, compared with Generation X and Baby
Boomers (52%, 44%, 32%, 24%, respectively). Approximately one in five Generation Z (21%) and Millennials (17%)
increased work hours. Baby Boomers were more likely to have not experienced any employment impacts due to thepandemic, compared with Generation X, Millennials and Generation Z (57%, 43%, 33%, 20%).
Unemployment During the Pandemic. Almost three in 10 (28%) became unemployed at some point during the pandemic,
including 16% who were laid off, 7% who were furloughed, 3% who quit voluntarily, 1% who retired early, and 2% who
indicated “other.” More than four in 10 Generation Z workers (42%) became unemployed including those who were laid off(25%), quit voluntarily (9%), and furloughed (5%). Generation Z workers are more likely to have become unemployed thanMillennial, Generation X, and Baby Boomer workers (42% 30%, 23%, 17%, respectively). Baby Boomers and Generation X
are more likely to have remained employed throughout the pandemic, compared with Millennials and Generation Z (69%,
64% 58%, 44%).
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Key Highlights
Employment & Personal Finances (cont.)
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Part-Time Employment and Reasons for Working Part-Time. Generation Z and Baby Boomers are more likely to be
employed part-time than Generation X and Millennials (27%, 17%, 8%, 7%, respectively). The top reasons for part-time
employment among Baby Boomers are personal preference (71%) and transitioning into retirement (33%), Generation Z
is going to school/college (53%), Millennials’ reasons for working part time are personal preference (37%) and parenting
responsibilities (36%), while Generation X also reports personal preference (34%) and parenting responsibilities (23%).
Caregiving responsibilities is a shared reason for part-time employment across generations including Millennials,
Generation X, Generation Z, and Baby Boomers (19%, 14%, 13%, 8%).
Number of Current Jobs/Employers and Side Hustles. Eighty-two percent of workers are currently working at one job or
employer, while 17% have two or more jobs. Younger generations including Generation Z, Millennials, and Generation X
are more likely to have 2 or more jobs than Baby Boomers (30%, 22%, 14%, 7%, respectively). Moreover, 38% of workers
indicate they have a side hustle. Similarly, Generation Z, Millennials, and Generation X are more likely to have a sidehustle than Baby Boomers (57%, 45%, 32%, 17%).
Caregiving Experience. Amid population aging, many workers will be called upon to serve as a caregiver over the courseof their working years. Thirty-six percent of workers are currently serving and/or have previously served as a caregiver fora relative or friend during their career (excluding parenting responsibilities), including 19% who are currently caregivers
and 19% who have been a caregiver in the past. Millennial workers are more likely to be currently serving as caregivers,
compared with Generation X, Generation Z, and Baby Boomers (23%, 18%, 17%, 12%, respectively).
Caregiver Relationship to the Care Recipient. Among workers who are serving and/or have served as caregivers, parents(44%) are the most frequently cited recipients of care, followed by grandparents (20%), children (18%), andspouse/partner (17%). However, the care recipients vary by workers’ age. Baby Boomer and Generation X workers are
more likely to be caring or have cared for a parent than Millennials and Generation Z (64%, 50%, 39%, 24%,
respectively). In contrast, Generation Z and Millennials are more likely to be caring or have cared for a grandparent than
Generation X and Baby Boomers (36%, 24%, 13%, 4%). Twenty-two percent of Millennials are caring or have cared for achild and 20% of Generation Z are caring or have cared for a sibling.

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Key Highlights
Employment & Personal Finances (cont.)
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Work Adjustments as a Result of Becoming a Caregiver. Among those who are serving and/or have served as caregivers,
most workers (86%) made one or more work-related adjustments as a result of becoming a caregiver (e.g., missed daysof work, reduced hours, began working alternative schedule, began working remotely). Generation Z, Millennial, andGeneration X workers are more likely to have made one or more adjustments than Baby Boomers (92%, 89%, 84%, 74%,
respectively).
Emergency Savings. Emergency savings are needed to cover financial setbacks, such as unemployment, medical bills,
home repairs, auto repairs, and other unexpected expenses. Emergency savings could also help prevent workers fromdipping into their retirement savings to cover such expenses. However, workers have saved only $5,000 (median) inemergency savings as of late 2022. Emergency savings increase with age: Generation Z workers have saved $1,000,
while Millennials have saved $3,500, Generation X workers have saved $5,000, and Baby Boomers have saved $25,000(medians). Of concern, approximately one in six workers across generations have no emergency savings at all, including
19% of Generation Z, 17% of Millennials, 17% of Generation X, and 10% of Baby Boomers.
Homeownership, Renting, or Living With Others. More than six in 10 workers own their home (62%), while 30% rent andseven percent live with relatives or friends. Homeownership increases with age. Older generations, including Baby
Boomers, Generation X, and Millennials are more likely to own their home than Generation Z (84%, 70%, 58%, 32%,
respectively). Renting is more common among Generation Z, Millennial, and Generation X workers than Baby Boomers(42%, 35%, 27%, 15%). Twenty-four percent of Generation Z workers live with relative or friends. Increasing access toaffordable housing is an important step towards enhancing financial security for Americans of all ages.
Health Care Savings. More than seven in 10 workers (76%) are saving for health care expenses, including 78% ofGeneration Z, 77% of Millennials, 72% of Generation X, and 77% of Baby Boomers. Baby Boomers are more likely to use
an individual account such as savings, checking, and brokerage than Millennials, Generation X, and Generation Z (66%,57%, 55%, 44%, respectively). Millennials are more likely to use an HSA, compared with Generation Z, Generation X, andBaby Boomers (37%, 31%, 28%, 24%). This trend loosely aligns with the creation of HSAs in 2003, the growing popularityof high deductible health care insurance in recent years, and the evolving retirement landscape. Across generations, a
concerning number of workers are not saving for health care expenses, including 22% of Generation Z, 23% ofMillennials, 23% of Baby Boomers, and 28% of Generation X.

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Key Highlights
Employment & Personal Finances (cont.)••

Insufficient Income to Save for Retirement. Fifty-three percent of workers agree with the statement, “I don’t have enoughincome to save for retirement,” including 22% who strongly agree and 31% who somewhat agree. Generation Z,
Generation X, Millennials are more likely to agree than Baby Boomers (60%, 56%, 55%, 38%, respectively). Nearly one infour Generation X, Generation Z, and Millennials strongly agree that they don’t have enough income to save forretirement (24%, 24%, 23%).
Interference of Debt in Ability to Save for Retirement. Fifty-three percent of workers agree with the statement, “Debt isinterfering with my ability to save for retirement,” including 22% who strongly agree and 31% who somewhat agree.
However, there is a striking difference across generations. Millennials, Generation X, and Generation Z are more likely toagree than Baby Boomers (58%, 56%, 54%, 34%, respectively). Of concern, one in four Millennial and Generation X
workers (25%, 24%) strongly agree that debt is interfering with their ability to save for retirement.

Many workers feel they do not have enough income to save for retirement and that debt is interfering with their ability to save.
Moreover, emergency savings are low among workers, which could lead them to dip into their retirement savings by taking
loans and or early withdrawals, including hardship withdrawals.

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Key Highlights
Retirement Outlook & Savings
More than four in 10 workers believe that future generations of retirees will be worse off than today’s retirees. Fewer than one
in four workers are very confident they will be able to fully retire with a comfortable lifestyle. Moreover, fewer than three in 10
believe they are building a large enough retirement nest egg. Most are concerned that Social Security will not be there forthem when they are ready to retire.
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Outlook of Future Generations of Retirees. Forty-one percent of workers think that future generations of retirees will beworse off than those currently in retirement, while 31% think they will be about the same, 19% think they will be better
off, and 10% don’t know. Older generations, including Baby Boomers and Generation X, are significantly more likely to
say that future generations of retirees will be worse off, compared with Millennials and Generation Z (55%, 51%, 33%,
28%, respectively).
Retirement Confidence. Sixty-eight percent of workers are confident that they will be able to fully retire with a
comfortable lifestyle, including 23% who are very confident and 45% who are somewhat confident. While confidence issimilar across generations, Millennials (27%) are more likely than Baby Boomers and Generation X to be very confident(21%, 17%, respectively) and somewhat more likely than Generation Z (23%).
Retirement Nest Egg. Sixty-three percent of workers agree that they are currently building a large enough retirement
nest egg, including 28% who strongly agree and 35% who somewhat agree. Millennials are generally more likely than
Generation Z, Baby Boomers, and Generation X to strongly agree (32%, 27%, 25%, 24%, respectively).
Expected Sources of Retirement Income. Workers expect diverse sources of retirement income with the most often cited
including self-funded savings from 401(k), 403(b), IRAs or other savings and investments (78%), Social Security (63%),
and income from working (36%). Baby Boomers, Generation X, and Millennials are more likely than Generation Z to
expect income from 401(k), 403(b), IRAs (74%, 72%, 68%, 52%, respectively). Baby Boomers, Generation X, andMillennials are also more likely than Generation Z to expect retirement income from Social Security (88%, 73%, 53%,43%). However, there are some differences by generations. Baby Boomers are more likely to expect income fromcompany-funded pension plans (26%). Generation Z workers are somewhat less likely to cite as many of the various
potential sources of retirement income, a finding that is not surprising given their younger age.

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Key Highlights
Retirement Outlook & Savings (cont.)
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Expected Primary Source of Retirement Income. Fifty percent of workers expect their primary source of income inretirement to come from self-funded savings such as 401(k)s, 403(b)s, IRAs (38%) or other savings and investments(12%), and 23% of workers expect to rely on Social Security. Baby Boomers are significantly more likely to expect Social
Security to be their primary source, compared with Generation X, Millennials, and Generation Z (41%, 26%, 16%, 15%,
respectively). In contrast, Millennials, Generation X, and Generation Z workers are more likely than Baby Boomers to cite
self-funded savings, such as 401k(s), 403(b)s, IRAs and/or other savings and investments (56%, 50%, 49%, 39%).
Fifteen percent of all workers expect their primary source of retirement income to come from working, a finding that it ismore often cited by Generation Z, compared with Millennials, Generation X, and Baby Boomers (23%, 17%, 13%, 8%).
Note: 401(k)s did not become readily available until the 1990s, a time at which Baby Boomers were already well into
their careers, and therefore, they have not had as much time to save in them.
Concerns About Future of Social Security. Seventy-two percent of workers agree with the statement, “I am concernedthat when I am ready to retire, Social Security will not be there for me,” including 33% who strongly agree and 39% who
somewhat agree. Generation X is more likely than Millennial, Generation Z, and Baby Boomer workers to agree (80%,74%, 71%, 60%, respectively). Generation X and Millennial workers are more likely to strongly agree, compared with
Generation Z and Baby Boomers (38%, 37%, 27%, 24%).
Saving for Retirement and Age Started Saving. Seventy-eight percent of workers are saving for retirement throughemployer-sponsored plans, such as a 401(k) or similar plan, and/or outside the workplace. Baby Boomers, Generation X,
and Millennials are more likely than Generation Z to be saving (85%, 81%, 78%, 66%, respectively). Among those saving
for retirement, Generation Z started saving at age 19, Millennials at age 25, Generation X at age 30, and Baby Boomers
at age 35 (medians).
Saving for Retirement Outside of Work. Nearly two-thirds of workers (63%) are saving for retirement outside of work,
such as in an IRA, mutual funds, bank account, etc. Baby Boomers (74%) are more likely to be saving for retirement
outside of work, compared with Generation X (61%), Millennials (61%), and Generation Z (56%).

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Key Highlights
Retirement Outlook & Savings (cont.)••

Types of Retirement Savings & Investments. Among those saving for retirement outside the workplace, workers save andinvest in a variety of ways, with the most often cited being in a bank account such as savings, checking, money market,
and CDs (62%), a 401(k), 403(b), 457(b) or similar plan (50%), and a brokerage account (39%). There are striking
differences across generations. Baby Boomers are more likely to cite a bank account (77%), IRA (59%), brokerage
account (53%), primary residence (42%), and annuity (22%). Millennials are more likely to cite cryptocurrency (34%).
Generation Z are more likely to cite business ownership (12%). However, Generation Z workers report lower use for mostof these types of retirement savings and investments, a finding that is not surprising given their younger age.
Total Household Savings in Retirement Accounts. As of late 2022, workers have saved $65,000 (estimated median) in
total household retirement accounts. Baby Boomer workers have the most retirement savings at $289,000, comparedwith Generation X ($82,000), Millennials ($49,000), and Generation Z ($29,000) (estimated medians). The proportionof workers having saved $250,000 or more increases with age including Generation Z (12%), Millennials (24%),
Generation X (31%), and Baby Boomers (51%). Alarmingly, 32% of Generation X and 21% of Baby Boomer workers haveless than $50,000 in retirement savings. Nine percent of all workers have no retirement savings.

Workers are expecting diverse sources of retirement income including Social Security, employer-sponsored retirement
benefits, personal savings, and continued work. Given that many workers have contended with employment setbacks andother pandemic-related financial strains, it is remarkable that almost eight in 10 workers are saving for retirement in an
employer-sponsored 401(k) or similar plan and/or outside the workplace. Despite the impressive number of workers who aresaving for retirement, many may not be saving enough, based on their reported household retirement savings.

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Key Highlights
401(k)s & Employer-Sponsored Retirement Benefits
Employers play a vital role in helping workers save and invest for retirement. Employer-sponsored retirement benefits, such as
401(k) or similar plans, have proven to be highly effective at encouraging savings through the convenience of payroll
deductions, access to institutional investments and advice, educational offerings, and matching contributions. A troubling
concern, however, is many workers are tapping into their savings before retirement.
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The Importance and Value of Retirement Benefits to Workers. Workers highly value retirement benefits. Ninety-one
percent of workers value a 401(k) or similar retirement plan as an important benefit, including 92% of Millennials, 90%
of Generation X, 88% of Baby Boomers, and 87% of Generation Z. Eighty-two percent of workers agree that retirement
benefits offered by a prospective employer will be a major factor in their final decision the next time they look for a job.
Millennials and Generation X are more likely than Baby Boomers and Generation Z to agree that retirement benefits will
be a major factor in their final decision (86%, 85%, 75%, 73%, respectively).
Retirement Benefits Offered by Employers. Seventy-six percent of workers have access to a 401(k) or similar employeefunded retirement plan in the workplace. Millennials and Generation X are more likely to be offered an employee-funded
plan than Baby Boomers and Generation Z (80%, 77%, 73%, 69%, respectively). A finding of great concern is that 18% ofworkers are not offered any retirement benefits.
Access to a 401(k) or Similar Plan: Full-Time vs. Part-Time Workers. Full-time workers (80%) are significantly more likely
to be offered a 401(k) or similar employee-funded plan than part-time workers (48%). Full-time workers acrossgenerations are similarly likely to be offered a plan including 81% of Millennials, 80% of Baby Boomers, 80% ofGeneration X, and 75% of Generation Z. Among part-time workers, Millennials and Generation Z are slightly more likely
to be offered a plan than Generation X and Baby Boomers (57%, 53%, 46%, 39%, respectively).
Access to a 401(k) Inspires Workers to Save. Workers are more likely to save for retirement when they have access to a401(k) or similar plan through their employer. Most workers (88%) who have access to an employer-sponsored plan aresaving for retirement in the plan and/or outside of work including Baby Boomers (94%), Generation X (91%), Millennials(88%), and Generation Z (79%). In stark contrast, among workers who are not offered a plan by their employers, far
fewer workers (46%) are saving for retirement including Baby Boomers (64%), Generation X (50%), Millennials (38%),
and Generation Z (37%).

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Key Highlights
401(k)s & Employer-Sponsored Retirement Benefits (cont.)
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Plan Participation and Salary Deferral Rates. Almost eight in 10 workers (79%) who are offered a 401(k) or similar plan
participate in that plan. Participation rates are higher among Generation X, Baby Boomers, and Millennials than
Generation Z (84%, 83%, 79%, 61%, respectively). Among those who participate in their employers’ plans, the medianannual salary deferral rate is 10%, but it varies by generation. Generation Z contributes 20% to their plans, while
Millennials are contributing 12% and Generation X and Baby Boomers are contributing 10% (medians).
“Super Savers” Contributing More than 10 Percent of Pay. “Super savers” are workers who participate in a 401(k) orsimilar retirement plan and contribute more than 10% of their salaries into the plan. Forty-nine percent of workers
participating in a 401(k) or similar retirement plan are super savers, with 14% contributing 11 to 15% and 35%
contributing more than 15% of their annual pay into the plan. Slightly more than half of workers participating in a plan
(51%) save 10% or less.
“Super Savers” by Generations. “Super savers” are workers who participate in a 401(k) or similar retirement plan andcontribute more than 10% of their salaries into the plan. Super savers are commonly found across generations, 63% ofGeneration Z, 52% of Millennials, 43% of Generation X, and 42% of Baby Boomers.
Matching Contribution Offered by Employer. Among those who are offered a 401(k) or similar plan, most workers (82%)
are offered a matching contribution as part of the plan. Generation X, Millennials, and Baby Boomers are more likely to
say they are offered a matching contribution than Generation Z (85%, 83%, 82%, 70%, respectively). However, 11% ofGeneration Z workers are not sure if they are offered a matching contribution, illustrating an opportunity for employers
and plan sponsors to raise awareness of this important benefit.
Professionally Managed Account Usage. “Professionally managed” accounts include model portfolio services, strategic
allocation funds, managed account services and/or target date funds. Most plan participants (69%) use a professionallymanaged offering in their 401(k) or similar plans, including 27% who use model portfolios, 25% who use strategic
allocation funds, 24% who use managed account services, and 23% who use target date funds.
Professionally Managed Account Usage by Generation. Among those participating in a 401(k) or similar plan, Generation
Z and Millennials are more likely to use one or more types of professionally managed accounts than Generation X andBaby Boomers (80%, 74%, 65%, 58%, respectively). However, the proportion of plan participants who set their own asset
allocation percentage among the available funds is generally similar across generations albeit with older generations,
including Baby Boomers, Generation X, and Millennials, being slightly more likely to do so than Generation Z (42%, 37%,
35%, 29%).
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Key Highlights
401(k)s & Employer-Sponsored Retirement Benefits (cont.)
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Tapping Into Retirement Savings. A concerning percentage of workers are tapping into their retirement savings before
they retire. Thirty-seven percent of workers have taken a loan, early withdrawal, and/or hardship withdrawal from their
401(k) or similar plan or IRA, including 30% who have taken a loan and 21% who have taken an early and/or hardshipwithdrawal. Almost one in five workers (19%) have taken a loan and paid it back in full, while 10% have taken a loan andare paying it back, and 8% have taken a loan and were unable to pay it back. Generation Z is somewhat more likely thanMillennials, Generation X, and Baby Boomers to have taken an early and/or hardship withdrawal (28%, 24%, 19%, 12%,
respectively).
Reasons for Taking 401(k) Loans. Among those who have taken a loan from their 401(k) or similar plan, the mostfrequently cited reason for doing so is a financial emergency (31%). Three in 10 workers cite paying off debt (30%),
including credit card debt (29%) and/or other debt (1%). Other reasons include everyday expenses (26%), medical bills(25%), home improvements (23%), the purchase of a vehicle (19%), and unplanned major expenses (19%). One in three
Generation Z workers (33%) cited medical bills, compared with Millennials, Generation X, and Baby Boomers (33%, 26%,
21%, 15%, respectively). Approximately one in four Millennials and Generation Z cited home improvements, comparedwith Generation X and Baby Boomers (28%, 28%, 17%, 14%).
Reasons for Hardship Withdrawals From 401(k)s. Among those who have taken a hardship withdrawal from a 401(k) orsimilar plan, the reasons for doing so include paying for certain medical expenses (17%), payments to prevent eviction
from one’s principal residence (16%), expenses and losses incurred due to a disaster in a federally declared disasterarea (15%), payment of tuition and related educational fees (14%), cover costs related to purchase of a principal
residence (13%), expenses for qualified repairs to damage of principal residence (12%), and burial or funeral expenses(6%).
The Employee Benefits Gap. In addition to retirement benefits, health and welfare benefits can enhance workers’
financial security. They can bring insurance protections, mitigate out-of-pocket healthcare expenses, provide thepossibility of additional resources in a time of need, and offer wellness support. Most workers value these benefits.
However, major gaps exist between the percentage of workers who feel they are important and those who are offeredthem by their employers. The widest gaps are critical illness insurance, cancer insurance, long-term insurance, andfinancial wellness programs. This represents an opportunity for employers to increase the competitiveness of theircompensation and benefits packages, while helping their employees achieve greater long-term financial security.

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Key Highlights
401(k)s & Employer-Sponsored Retirement Benefits (cont.)•

The Employee Benefits Gap by Generations. The employee benefits gap is persistent across generations ranging fromhealth insurance, life insurance, long-term care insurance, disability insurance, and critical illness insurance to financial
wellness programs, employee assistance programs, workplace wellness programs, cancer insurance, and pet insurance.
Across generations, these gaps in coverage present opportunities for innovating and expanding employee benefits tobetter meet their needs.

Beyond offering retirement benefits, employers can positively influence their workers’ financial security and preparations forolder age in a number of other ways. These include offering health and welfare benefits, workplace wellness programs,
flexible work arrangements to promote work-life balance, retirement planning and counseling services, and phased retirement
alternatives — and fostering an age-friendly work environment in which employees of all ages are valued and can be
successful.

32Key Highlights
Retirement Planning & ExpertiseWorkers across generations share an opportunity to enhance their retirement planning and expertise. By expanding theirinvestment knowledge and undertaking planning, many workers could potentially improve their current financial situation andlong-term retirement outlook. For those needing assistance, they may want to consider consulting with a professional
financial advisor.
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Estimated Retirement Savings Needs. Workers estimate they will need $500,000 (median) by the time they retire inorder to feel financially secure. Estimated needs vary by generation with Baby Boomers estimating they will need
$750,000, Generation X and Millennials estimating $500,000, and Generation Z estimating $250,000 (medians).
Approximately one in five workers across generations estimate they will need to save $2,000,000 or more including
Baby Boomers (24%), Generation X (22%), Millennials (21%), and Generation Z (17%).
Basis of Estimated Retirement Savings Needs. Among those providing an estimate, 45% of workers said they guessed
the amount they need to save for retirement. Some workers estimated their needs are basing them on current living
expenses (36%), using a calculator or completed worksheet (21%), and basing them on expected earnings on
investments (20%). Approximately four in 10 workers across generations including Generation Z, Millennials, Generation
X, and Baby Boomers guessed their needs (45%, 46%, 46%, 40%, respectively), while approximately one in five workers
used a retirement calculator or completed a worksheet (20%, 23%, 18%, 23%), and even fewer workers based theirestimate on an amount given to them by a financial advisor (15%, 15%, 11%, 11%).
Financial Strategy for Retirement. Seventy-two percent of workers have a financial strategy for retirement including 29%
who have a written plan and 43% with an unwritten plan. Millennials are significantly more likely to have a written plan,compared with Baby Boomers, Generation Z, and Generation X (34%, 27%, 25%, 24%, respectively). Of concern, among
generations closest to retirement, 31% of Generation X and 26% of Baby Boomers do not have any financial strategy for
retirement.
Backup Plan if Retirement Comes Unexpectedly. Only 34% of workers have a backup plan for retirement income if they
are forced into retirement before they are ready. Generation X workers are less likely than Baby Boomer, Millennial, andGeneration Z workers to have a backup plan (28%, 34%, 37%, 40%, respectively). Of concern, more than half of Baby
Boomer (53%) and Generation X workers (62%) do not have a backup plan for retirement income.

33Key Highlights
Retirement Planning & Expertise (cont.)
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Limited Understanding of Asset Allocation Principles. Only 35% of workers have “a great deal” or “quite a bit” ofunderstanding of asset allocation principles as they relate to retirement investing, including 13% who know “a greatdeal” and 22% who know “quite a bit.” Millennials and Generation Z are more likely to have “a great deal” or “quite a bit”
of understanding, than Generation X and Baby Boomers (41%, 40%, 31%, 30%, respectively). Of concern, one in four
workers (25%) indicate they have no understanding of asset allocation principles.
Lack of Knowledge About Retirement Investing. Sixty-three percent of workers do not know as much as they should
about retirement investing, including 24% who strongly agree and 39% who somewhat agree. Younger generations,
including Generation Z, Generation X, and Millennials, are more likely than Baby Boomers to feel they don’t know
enough about retirement investing (73%, 64%, 61%, 54%, respectively).
Preference to Not Think About Retirement Investing Until Later. Forty-two percent of workers agree with the statement, “I
prefer not to think about or concern myself with retirement investing until I get closer to my retirement date,” including
13% who strongly agree and 29% who somewhat agree. Generation Z and Millennials are more likely to agree with thisstatement than Generation X and Baby Boomers (56%, 47%, 40%, 25%, respectively).
Saver’s Credit Awareness. The Saver’s Credit is a tax credit for eligible taxpayers who save for retirement in a qualified
retirement plan, IRA, or ABLE account. Fewer than half of workers (49%) are aware of the Saver’s Credit. Generation Z
and Millennials are more likely to be aware of the Saver’s Credit than Generation X and Baby Boomers (57%, 57%, 43%,
32%, respectively).
Level of Understanding About Social Security Benefits. Only 24% of workers know “a great deal” about Social Security
benefits ― and even fewer among age 50 plus workers (21%) know “a great deal” about them. Moreover, among age 50plus workers who expect to rely on Social Security as their primary source of income in retirement, only 21% know a“great deal” about Social Security benefits.
Level of Understanding About Medicare Benefits. Only 20% of workers know “a great deal” about Medicare benefits ―and even fewer among age 50-plus workers (16%) know “a great deal” about them. Concerningly, only 18% of Baby
Boomer workers, the generation that is nearing eligibility at age 65 and/or are already eligible, know a “great deal”
about Medicare benefits.

34

Key Highlights
Retirement Planning & Expertise (cont.)
•

•

•

•

•

Frequency (or Infrequency) of Conversations About Retirement. Fewer than one in four workers (22%) frequently discusssaving, investing, and planning for retirement with family and close friends, while 56% occasionally discuss it, and 22% neverdiscuss it. Millennials and Generation Z are more likely than Baby Boomers and Generation X to frequently discuss it (26%,27%, 17%, 16%, respectively). A significant proportion of Generation X and Baby Boomers never discuss it (27%, 25%).
Familiarity with Spouse/Partner’s Retirement Plan & Savings. Among those who are married or living with a partner, three infour workers (75%) are familiar with their spouse/partner’s retirement plan and savings, including 46% who are very familiarand 29% who are somewhat familiar. Millennials and Baby Boomers are somewhat more likely than Generation X andGeneration Z to be familiar with their spouse’s or partner’s retirement savings (79%, 77% 73%, 67%, respectively).
Desire for More Advice on Reaching Retirement Goals. More than two in three workers (67%) would like more information andadvice from their employers on how to reach their retirement goals. This desire is greatest among Millennials and Generation
Z, and to a lesser extent among Generation X and Baby Boomers (73%, 71%, 65%, 49%, respectively).
Preference for Outside Experts to Manage Retirement Savings. More than half of workers (57%) agree they would prefer torely on outside experts to monitor and manage their retirement savings plan, including 16% who strongly agree and 41% who
somewhat agree. This preference is shared across generations, including 56% of Generation Z, 60% of Millennials, 57% ofGeneration Z, and 52% of Baby Boomers.
Professional Financial Advisor Usage. More than one-third of workers (36%) use a professional financial advisor to help them
manage their savings and investments. Baby Boomers and Millennial workers are more likely to use an advisor than
Generation X and Generation Z (46%, 37%, 32%, 26%, respectively).

The post-pandemic reality is many workers are spread financially thin and struggling to make ends meet. While workers arefocusing on their immediate needs, the clock is ticking away toward their future retirement and shortening the time horizon for
their savings and investments to grow. To strengthen their situation, workers need meaningful employment throughout theirworking years, competitive compensation, access to retirement, and health and welfare benefits, and other forms of needs-based
assistance. The preservation of safety nets, such as Social Security and Medicare, is also critical for their ability to achieve afinancially secure retirement.

35

Key Highlights
As we look toward the future, one in which all Americans can retire with dignity, policymakers must take center stage inorchestrating ways to strengthen the retirement system for current and future generations. Employers must continue to play avital societal role by providing jobs, income, and benefits that can help workers protect their health and finances, and byfacilitating saving and investing for retirement. And the private sector must continue innovating products, services, andsolutions that can help people live, work, save, and retire better. We are all in this together.

Catherine Collinson
CEO and President, Transamerica Institute® and Transamerica Institute®

36

Recommendations for Workers
Workers across generations are enduring a turbulent economy and navigating constant change which could influence their ability to saveand invest for retirement. Stepping into the future, workers could improve their long-term outlook by further safeguarding their health,focusing on employment, managing their money, and planning for longer lives. Action steps include:
1.

Prioritize physical and mental health. Eat healthy, exercise regularly, and get plenty of rest. Explore ways to manage stress andreduce anxiety. Consider health implications when making lifestyle decisions. Continue to take COVID-19 precautions, as needed.

2.

Pursue professional development to help ensure continued employment now and in the future. Take proactive steps to stay
employed in the new world of work by learning new skills, honing current skills, and staying current with employers’ needs.

3.

Engage in financial planning to gain a full understanding of your situation. Create a budget, prioritize expenses, set short- and longterm goals, learn about investing, and develop a financial plan to help improve your fiscal health. Learn how your finances could be
impacted by inflation and increased interest rates. If you delayed mortgage or rent payments during the pandemic, learn yourobligations regarding past-due payments and explore potential financial assistance that might be available.

4.

Calculate retirement savings needs, develop a retirement strategy, and write it down. Factor in living expenses, health care,government benefits, inflation, investment returns, years in retirement, potential long-term care needs, as well as funds forpursuing retirement dreams. Learn about professionally managed accounts, model portfolios, target date funds, and strategic
allocation funds. Seek assistance from your retirement plan provider or a professional financial advisor, if needed.

5.

Learn about your employers’ business practices and benefit offerings that can support your work-life balance, provide health carecoverage and other forms of insurance, encourage workplace wellness, promote financial wellness, and facilitate saving for
retirement. Job seekers should consider employee benefits as part of an overall compensation package.

6.

Save and invest for retirement in an employer-sponsored retirement plan, if available, or contribute to a tax-advantaged account. If
employed and offered a 401(k) or similar plan, take advantage of matching employer contributions and defer as much as possible.
If not offered a plan, explore options to contribute to a Traditional or Roth IRA.

7.

Build emergency savings and create a backup plan, in the event of job loss or in case retirement comes early or unexpectedly due
to unforeseen circumstances.

8.

Avoid taking loans and early withdrawals from retirement accounts. Both can severely inhibit their long-term growth. Before tapping
into retirement savings, explore all possible alternatives to determine best option.

9.

Take advantage of the Saver’s Credit. Check if you qualify for the Saver’s Credit, a tax credit available to eligible taxpayers who
contribute to a 401(k) or similar plan, an IRA, or an ABLE account.

10.

Beware of scams. Be hypervigilant about suspicious text messages, email, calls, or ghost job postings. Properly secure personal
information, user ids, and passwords.
37

Recommendations for Employers
Employers play a vital societal role in supporting the long-term health and financial well-being of their employees. Stepping into the future,
employers have opportunities for enhancing their business practices and benefit offerings to better align with employees’ needs — andultimately, to stand out in today’s highly competitive and evolving landscape. Specific opportunities for consideration include:
1. Offer flexible work arrangements to support work-life balance ranging from employees’ personal responsibilities such as parenting, homeschooling, and caregiving, to professional development such as continuing education and volunteering.
2. Offer health and welfare benefits that promote physical, mental, and financial health and well-being such as health, disability, and life
insurance; workplace wellness and financial wellness programs; and employee assistance programs.
3. Sponsor a retirement plan or join a pooled plan arrangement such as a multiple employer plan (MEP), a pooled employer plan (PEP), or agroup of plans (GoP). If a plan is not already in place, take advantage of the tax credit available for starting a retirement plan or joining a
MEP, PEP, or GoP.
4. Consult with your benefits advisors and retirement plan provider to learn about the SECURE 2.0 Act of 2022 and new provisions that may
be appropriate for your plan including matching contributions based on qualified student loan payments, emergency savings accounts,
and designating employer contributions as Roth. Also, learn the new law’s plan administration-related rules including self-certification ofhardship withdrawals and updated Required Minimum Distribution (RMD) rules.
5. Extend benefits eligibility to part-time workers, including health insurance and retirement plan offerings. For part-time workers not offeredhealth insurance, provide information about the options available in the marketplace. For part-time workers who do not meet therequirements under the SECURE Act and SECURE 2.0 to make salary deferrals, consider providing them with the ability to contribute to an
IRA through payroll deduction.
6. Promote the benefits your company offers, including health and wellness programs available through your employee benefit providers,
and retirement planning and educational resources available through your retirement plan provider. Increasing awareness of theseofferings could help employees increase their physical, mental, and financial well-being.
7. Encourage lifelong learning opportunities for workers of all ages to keep their skills up to date or learn new skills to help them remain
employable in the evolving job market.
8. Cultivate an age-friendly work environment and adopt diversity, equity and inclusion (DE&I) business practices that include age among
other demographic factors (e.g., gender, race, religion, sexual orientation). Encourage mentorships to support cross-training, professional
development, and succession planning across all ages and demographic priorities.
9. Offer pre-retirees greater levels of assistance in planning their transition into retirement, including education about retirement income
strategies, retirement plan distribution options, and the need for a backup plan if forced into retirement sooner than expected (e.g., due
to health issues, job loss, family obligations). Provide information about Social Security and Medicare.
10. Enable workers to phase into retirement by allowing for a transition from full-time to part-time, working in different capacities or different
locations, or having a more flexible schedule.
38

Recommendations for Policymakers
Policymakers have an opportunity to strengthen the U.S. retirement system so that all Americans can retire with dignity. Recommendations forpolicymakers that directly and indirectly improve retirement security include:
1.

Address Social Security and Medicare funding issues. The sooner reforms are implemented to the programs, the more time people will
have to adjust their financial plans for retirement.

2.

Provide guidance on certain key provisions of SECURE 2.0 to ensure a successful implementation, including:a.

Opportunities for Expanding Retirement Plan Coverage, including small business tax credits for establishing retirement plans or
joining multiple employer plans (MEPs) or pooled employer plans (PEPs); the formation of 403(b) MEPs and PEPs; and increased
inclusion of part-time workers in retirement plans by reducing the long-term employment requirements.

b.

Enhanced retirement plan features that further facilitate retirement savings among workers, including increased catch-up
contribution limits; further increased age for required minimum distributions (RMDs); expansion of automatic enrollment,
automatic re-enrollment, and automatic increases; ability for employers to make matching contributions in recognition of student
loan repayments; the addition of emergency savings accounts; and de minimis financial incentives (e.g., gift cards) in connection
with an employee's participation in the plan.

c.

The Saver’s Match, a new government matching contribution for low- to moderate-income retirement savers that will replace thecurrent Saver’s Credit .

3.

Ensure accessible and affordable quality health care options and prescription drugs are available to all Americans, including part-time,
self-employed, and gig economy workers, as well as the unemployed.

4.

Support lifelong learning ranging from financial literacy education in schools and in the workplace to ongoing professional development,
including retraining and learning new job skills.

5.

Encourage employers to implement age-friendly business practices as part of their DE&I efforts. Create incentives and remove
disincentives for employers to hire and retain older workers, offer phased retirement, and create opportunities for encore careers.

6.

Support family caregivers by providing Social Security credits to those who forego employment to provide care. Establish medical training
programs for non-professional caregivers. Encourage employers to help workers who are balancing their jobs with caregiving.

7.

Address the digital divide. Consider providing and/or subsidizing additional broadband access, particularly in rural and underserved
urban areas. Internet access is key to engaging with financial and health-related service providers.

8.

Increase access to affordable housing to enhance financial security for Americans of all ages.

9.

Engage leaders from across sectors and disciplines to collaborate, innovate and implement new financing and delivery models for longterm care that are more accessible and affordable to those individuals needing care and to family caregivers who are providing care.

39

Post-Pandemic Realities: The Retirement Outlookof the Multigenerational Report
Detailed Findings40

A Portrait of Four Generations

41

Generation Z (Born 1997 to 2012)
Generation Z began entering the workforce shortly before COVID-19 when unemployment rates were at historic lows, thenskyrocketed at the onset of the pandemic, and have since remained volatile. Generation Z has been more negatively
impacted by this turbulence than other generations. Despite these challenges, Generation Z will have greater access to401(k)s and workplace retirement plans than their predecessors. Generation Z workers started saving for retirement at an
unprecedented young age. They are young and have decades to grow their retirement savings, if they can quickly recoverfrom recent setbacks. Generation Z workers will likely change employers many times throughout their careers, and spend
time in self-employment, so they must be diligent in managing their retirement savings, especially during transitions.

7 in 10

17%52%> Half$1,00072% are in good or
excellent health, but
71% are concerned
about their mental
health.

are planning to live
to age 100 or older.

experienced one ormore negative
employment impacts,
due to pandemic (e.g.,
reduced hours,
reduced salaries,
furloughs, layoffs).

57% have trouble
making ends meet.
Thirty percent are
working two or
more jobs and 57%
have a side hustle.

is the amount ofemergency savings
to cover unexpectedmajor financial
setbacks (median).

Pg. 66, 68

Q8826APg. 48Pg. 79Pg. 65, 82

Pg. 8766%

Age 1920$29,000

28%

are saving for
retirement in a
401(k) or similarplan, and/or outside
the workplace.

is the age (median)that Generation Z
investors started
saving for
retirement.

is the amount savedin all household
retirement accounts(estimated median).

have taken ahardship withdrawal
and/or early
withdrawal from a401(k) or similar planor IRA.

Pg. 99Pg. 99is the percentage of
their annual salaries(median) that plan
participants arecontributing to401(k) or similarplans.

Pg. 102

Pg. 114

Pg. 108

Note: The survey interviewed Generation Z workers aged 18 to 26 in 2022.
42

Millennials (Born 1981 to 1996)
Millennials entered the workforce around the Great Recession, which began in late 2007. They experienced a turbulent
economy in their early working years and again, recently during the pandemic and its aftermath. They started theircareers with higher levels of student debt than previous generations. Millennials have waited to buy homes, get married,and start families. Now in their late twenties to early forties, Millennials have entered their sandwich years of juggling
careers, raising children, and caring for aging parents. Although most are saving for retirement, many are falling behind.
Relatively few are engaging in retirement planning which could help improve their prospects.

8 in 1048%

4 in 1034%$3,50083% are generally
happy people, but
49% often feelanxious anddepressed.

have trouble making
ends meet. 22%
have two or morejobs and 45% have aside hustle.

40% are currently or
have served as acaregiver to a
relative or friend
during the course of
their working career.

have a financial
strategy for
retirement in theform of a written
plan.

is the amount ofemergency savings
to cover unexpectedmajor financial
setbacks (median).

Pg. 65, 82

Pg. 83Pg. 65

Pg. 87Pg. 12278%

Age 25

12$49,000

24%

are saving for
retirement in a
401(k) or similarplan, and/or outside
the workplace.

is the age (median)that Millennial
investors started
saving for
retirement.

is the amount savedin all household
retirement accounts(estimated median).

have taken ahardship withdrawal
and/or early
withdrawal from a401(k) or similarplan or IRA.

Pg. 99Pg. 99is the percentage of
their annual salaries(median) that plan
participants arecontributing to401(k) or similarplans. Pg. 108

Pg. 102

Pg. 11443

Generation X (Born 1965 to 1980)
Generation X entered the workforce in the 1980s and 1990s as defined benefit plans were starting to vanish from theretirement landscape. 401(k)s were just becoming available, but relatively few workers had access and saved in them. At
the time, 401(k)s were relatively primitive with few investment options, limited investment education and guidance, andprinted quarterly statements sent via U.S. mail. Most Generation X workers are now saving for retirement, but many may
fall short. The oldest members of Generation X are now in their late-50s and the youngest are in their early 40s, and manyseek to extend their working lives to save more and retire later. There is no time like the present for them to build theirsavings, create long-term financial plans, and safeguard their health and employability.

17%

Half

80%

4 in 10$5,000are “very” confident
they will be able tofully retire with a
comfortable lifestyle.

50% expect selffunded savings to be
their primary sourceof retirement
income. 26% expect
to rely on Social
Security.

are concerned that
Social Security will
not be there forthem when they are
ready to retire.

40% expect to retire
at age 70+ or do notplan to retire and
54% plan tocontinue working inretirement.

is the amount ofemergency savings
to cover unexpectedmajor financial
setbacks (median).

Pg. 98Pg. 53, 54

Pg. 8781%

Age 3010$82,000

19%

are saving for
retirement in a
401(k) or similarplan, and/or outside
the workplace.

is the age (median)that Generation X
investors started
saving for
retirement.

is the amount savedin all household
retirement accounts(estimated median).

have taken ahardship withdrawal
and/or early
withdrawal from a401(k) or similarplan or IRA.

Pg. 99Pg. 99is the percentage of
their annual salaries(median) that plan
participants arecontributing to401(k) or similarplans.

Pg. 94Pg. 97Pg. 108

Pg. 102

Pg. 11444

Baby Boomers (Born 1946 to 1964)
Baby Boomers have re-written societal rules at every stage of their lives, including retirement. By working into older age andseeking a flexible transition to retirement, they are upending the long-standing societal notion that work and retirement are
mutually exclusive. As a result, they are paving the way for future generations. Many Baby Boomers were mid-career when
the retirement landscape began shifting from traditional defined benefit pension plans toward 401(k) or similar plans. They
started saving at an older age compared with younger generations and have not enjoyed the same time horizon to growtheir investments. Now in their late fifties to seventies, Baby Boomers are especially vulnerable to employment risks,volatility in the financial markets, and increasing inflation – all of which could disrupt their retirement plans.

8 in 10

~Half

2/3

41%

$25,000

85% have a strong
sense of purpose inlife and 82%
consider themselves
to be in good or
excellent health.

49% are currently
working or expect towork past age 70 or
do not plan to retire.

expect to rely on
Social Security as
their primary sourceof income inretirement.

is the amount ofemergency savings
to cover unexpectedmajor financial
setbacks (median).

Pg. 65, 66

Pg. 5366% say theiremployer is agefriendly with
opportunities for
employees of allages to be
successful.

Pg. 97

Pg. 87Pg. 5885%

Age 3510$289,00012%

are saving for
retirement in a
401(k) or similarplan, and/or outside
the workplace.

is the age (median)that Baby Boomer
investors started
saving for
retirement.

is the amount savedin all household
retirement accounts(estimated median).

have taken ahardship withdrawal
and/or early
withdrawal from a401(k) or similarplan or IRA.

Pg. 99Pg. 99is the percentage of
their annual salaries(median) that plan
participants arecontributing to401(k) or similarplans.

Pg. 108

Pg. 102

Pg. 11445

Visions of Aging & Retirement46

Age Planning to Live
Today’s workers are planning to live to age 88 (median). One in eight workers (13%) are planning to live to age
100 or older. More than one in three workers (35%) are “not sure,” a reasonable answer given the nature of
the question. The survey compared workers’ planned life expectancy with their expected retirement age andfound that they plan to spend 25 years in retirement (median). For workers, longevity has implications for thetime they spend in the workforce relative to retirement, the mindset for a flexible career path, and alternative
pathways into retirement.

What age are you planning to live to? (%)
All Workers
Median Age: 88
Median Years in Retirement: 25
35
19
5

3

<60

60-69

18

13

6
70-79

Note: Results may not total 100% due to rounding.
*Median years in retirement calculation excludes those who said, “don’t plan to retire.”
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q2850. What age are you planning to live to?
Q910. At what age do you expect to retire?

80-89

90-99

100+

Not Sure

47

Age Planning to Live to by Generations
Younger generations are more likely to plan to be centenarians. Approximately one in six Generation Z andMillennials are planning to live to age 100 or older, which is a significantly higher proportion than Generation X
and Baby Boomers (17%, 15%, 11%, 8%, respectively). Workers’ expected time in retirement decreases with age.
Generation Z expects to spend 30 years in retirement, compared with Millennials (26 years), Generation X (25years), and Baby Boomers (23 years) (medians).
What age are you planning to live to? (%)
By Generation
Generation Z

Millennials

Median Age: 90
Median Years in Retirement: 30

Median Age: 88
Median Years in Retirement: 26
33
18

8

17
7

6

2

<60

17

32

60-69

70-79

80-89

90-99

100+

Not Sure

60-69

70-79

Generation X

5

2

<60

60-69

38
17

6
70-79

80-89

90-99

100+

Median Age: 90
Median Years in Retirement: 23

Not Sure

90-99

38
20

11
<1

80-89

15

Baby Boomers

Median Age: 86
Median Years in Retirement: 25
21

18

7

3

<60

18

100+

Note: Results may not total to 100% due to rounding.
*Median years in retirement calculation excludes those who said, “don’t plan to retire.”
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q2850. What age are you planning to live to?
Q910. At what age do you expect to retire?

Not Sure

<60

4

6

60-69

70-79

23
8

80-89

90-99

100+

Not Sure48

Positive and Negative Word Associations With “Retirement”
Eighty-seven percent of workers cite positive word associations with “retirement” compared with only 42% who
cite negative words. Workers’ three most often cited positive word associations are “freedom” (55%), “enjoyment”(51%), and “stress-free” (42%), while the three most often cited negative word associations are “financial
insecurity” (19%), “health decline” (16%), and “boredom” (16%).

Which of the following do you personally associate with the word “retirement”?
All Workers (%)
Positive (NET = 87%)
Negative (NET = 42%)
55

51
42
34
26

23

19

16

16
11

11

4
Freedom

Enjoyment

Stress-free

Fulfillment

Opportunity

Personal
growthFinancial Health decline
insecurity

Boredom

Isolation

Dependent on UnimportantothersNote: Responses not shown for “Other” (All Workers: 1%).
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q5000. Which of the following do you personally associate with the word “retirement”? Select all.

49

Word Associations With “Retirement” by Generation
Workers across generations most often associate retirement with “freedom,” “enjoyment,” and “stress-free.”
Generation Z and Millennials are more likely to associate retirement with “personal growth” (29%, 27%),compared with Baby Boomers and Generation X (18%, 17%, respectively). Approximately one in six workers acrossgenerations associate retirement with “financial insecurity,” including 16% of Generation Z, 19% of Millennials,
22% of Generation X, and 18% of Baby Boomers.
NET
NET
Freedom
Positive Negative
(%)
(%)
(%)

Enjoyment Stress-free Fulfillment Opportunity
(%)
(%)
(%)
(%)

Personal
growth(%)

Dependent
Unimportanton others(%)(%)

Financialinsecurity(%)

Healthdecline(%)

Boredom(%)

Isolation
(%)

16

18

18

18

14

6

19

16

17

10

11

5

17

22

16

14

10

11

4

18

18

17

16

7

6

2

Millennials

Gen Z

92
48

53

48

53

32

29

29

88
44

52

50

42

36

28

27

Baby Boomers

Gen X

83
41

87

55

64
37

49

38

31

23

61
40

37

28

Note: Responses not shown for “Other” (Generation Z: <1%, Millennials: 1%, Generation X: 1%, Baby Boomers: 2%).
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q5000. Which of the following do you personally associate with the word “retirement”? Select all.

50

Retirement Dreams
Workers share top three retirement dreams such as traveling (64%), spending more time with family andfriends (55%), and pursuing hobbies (48%). However, some retirement dreams differ across generations.
Millennials and Generation Z are more likely than Generation X and Baby Boomers to dream of doing someform of paid work in retirement (39%, 38%, 27%, 23%, respectively). Twenty-six percent of Baby Boomers
dream of doing volunteer work. Notably, Generation Z, Millennials, and Generation X are more likely than Baby
Boomers to dream of taking care of grandchildren (23%, 22%, 20%, 14%).
How do you dream of spending your retirement? Select all. (%)
NET – Working

64 6365
59

67
59
5557

5253

48465048

All Workers:
Generation Z:
Millennials:
Generation X:
Baby Boomers:

45

22 2123
17

26

33%
38%
39%
27%
23%

2624

23
20 2220
14

17

13 151113
10

111212141110

5
Traveling

Spending moretime withfamily & friends

Pursuing
hobbies

Doing
volunteer work

Taking careof mygrandchildren

Starting abusiness

Continuing
to work inthe same field

Pursuing an
encore career(new role, work,
activity, or career)

6 7

3

6 8

I don't have
any retirement
dreams.

Note: Responses not shown for “Other” (All Workers: 1%, Generation Z: <1%, Millennials: 1%, Generation X: 1%, Baby Boomers: 2%).
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1418. How do you dream of spending your retirement? Select all.

51

Retirement Fears
Workers’ greatest retirement fears include outliving their savings and investments (39%), Social Security will be
reduced or cease to exist (36%), declining health that requires long-term care (35%), not being able to meet theneeds of their family (32%), and possible long-term care costs (31%). Baby Boomers and Generation X are
more likely than Millennials and Generation Z to fear outliving their savings and investments (49%, 42%, 36%,
32%, respectively). Generation Z is significantly more likely than other generations to fear feeling isolated andalone (36%) and the lack of affordable housing (34%). Across generations, approximately three in 10 workers
fear possible long-term care costs and fear losing their independence and cognitive decline, dementia,
Alzheimer’s Disease. Approximately one in four cite lack of access to adequate and affordable health care.
What are your greatest fears about retirement? Select all. (%)
All Workers

Generation Z

36
34

37

Millennials

Generation X

Baby Boomers

49
42
39
36
32

43
3940
36 35

35 3436
30

26

32
28

25

31
31
29
27

36
33
32
29
2728

32
2929 29
27

34

29
26
21
17

27
24 24 24
21

26
23

21
13

21
19 19 20
17

21
17
14
12
8

Outliving mysavings andinvestments

SocialSecurity
will bereduced orcease to exist
in the future

Declining
health that
requireslong-term
care

Not being
able tomeet thebasic financial
needs ofmy family

Possiblelong-termcare costs

Losing myindependence

Cognitive
decline,dementia,
Alzheimer's
Disease

Feeling
isolated
and alone

Lack of accessto adequate
and affordable
health care

Lack ofaffordable
housing

12
10 9

8

10

Finding
Being laid off I don't havemeaningful
not being any retirement
ways to spend able to retire
fears
time & stayon my own
involved
terms

Note: Responses not shown for “Other” (All Workers: <1%, Generation Z: <1%, Millennials: <1%, Generation X: 1%, Baby Boomers: 1%).
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1422. What are your greatest fears about retirement? Select all.

52

Expected Retirement Age
Fifty-two percent of workers expect to work past age 65 or do not plan to retire. Moreover, 40% of workers
expect to retire at age 70-plus or do not plan to retire. Expectations of working later in life increase withworkers’ age. Almost half of Baby Boomers (49%) either expect to or are already working past age 70 or do notplan to retire, followed by Generation X (40%), Generation Z (37%), and Millennials (36%). Younger
generations including Generation Z and Millennials are more likely than Generation X and Baby Boomers to
expect to retire before age 65 (41%, 32%, 23%, 13%, respectively).

At what age do you expect to retire? (%)

All Workers

27

Generation Z

19

32

Generation X

Before Age 65

1241

Millennials

Baby Boomers

22

23

23

13

At Age 65

24

16

3

9

Ages 66 - 69

25

15

40%

19

18

37%

23

13

22

NET – After Age 70 or
Do Not Plan to Retire26

32

Age 70+

13

36%

14

40%

17

49%

Do Not Plan to Retire

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q910. At what age do you expect to retire?

53

Plans to Work in Retirement
Fifty-five percent of workers plan to work after they retire, including 18% who plan to work full time and 37% who
plan to work part time. Workers across generations similarly plan to continue working in retirement, including
53% of Generation Z, 56% of Millennials, 54% of Generation X, and 55% of Baby Boomers. However, Millennials
are more likely than Generation Z, Generation X, and Baby Boomers to plan to work full-time in retirement (24%,17%, 16%, 11%, respectively). Baby Boomers are more likely than Generation X, Millennials, and Generation Z to
expect to work part-time in retirement (44%, 38%, 32%, 36%, respectively).
Do you plan to work after you retire? (%)
Workers by Generation

All Workers
NET – Plan to Work

NET Plan to Work: 53%

55%
17

Generation Z

18

17

36

30

16

28

16

NET Plan to Work: 56%

Millennials

24

32

NET Plan to Work: 54%

28

Generation X

37

38

27

20

NET Plan to Work: 55%

Baby Boomers

Yes, I plan towork full time

16

Yes, I plan towork part time

11

No, I do notplan to work

44

30

15

Not sure

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1525. Do you plan to work after you retire?

54

Health and Financial Reasons for Working in Retirement
Workers planning to work past age 65 and/or in retirement (or are already doing so) cite both healthy-aging
and financial reasons (80%, 78%, respectively). The top healthy-aging reason is to be active (50%), while the
top financial reason is wanting the income (52%). Other frequently cited healthy-aging reasons are to “keep mybrain alert” (42%), “enjoy what I do” (39%), and “have a sense of purpose” (36%). Other frequently citedfinancial reasons are “concerned that Social Security will be less than expected” (33%), “can’t afford to retire”(31%), and “need health benefits” (27%).
What are your reason(s) for working in retirement or past age 65? (%)
All Workers
Healthy-aging reasons (NET = 80%)
Financial reasons (NET = 78%)
52

50
42

39

36

33

31

27

25
18

17

16
3

Want theincomeBe active

Keep mybrain alert

Enjoy what I Have a sense Concern that Can't afford Need health Maintain
Personal Concern that Anxious
None of thedoof purpose
Socialto retirebenefitssocialdevelopment employer
about
above
Security will because I
connections
retirement volatility inbe less than haven't saved
benefits will financial
expectedenoughbe less than markets andexpected investment
performance

WORKER BASE: 20TH ANNUAL SURVEY - PLAN ON RETIRING AFTER 65 AND/OR WORKING AFTER RETIREMENT
Q1530x1. What are your reason(s) for working in retirement or past age 65? Select all.

55

Reasons for Working in Retirement by Generations
Workers across generations similarly share financial and healthy-aging related reasons for working past age 65
and/or in retirement with some differences. Baby Boomers and Generation X are more likely to indicate theywant the income (64%, 54%, respectively) and are concerned that Social Security benefits will be less than
expected (35%, 42%). Generation Z and Millennials are more likely to cite personal development as a reason(27%, 21%).

NET
Healthy-aging
Reasons
(%)

72

86

Baby Boomers

Gen X

Millennials

Gen Z

NET
Financial
Reasons(%)

79

Want theincome(%)

Be active
(%)

43

49

83

Enjoy what
I do
(%)

40

47

36

Anxious re:Concern
volatility inemployer
Maintain
Personal
financialsocialretirement
development
markets andconnections
benefits will(%)
investment(%)
be less thanperformance
expected (%)
(%)

20

22

23

26

27

34

30

28

28

24

34

42

36

30

21

15

9

21

19

18

13

19

15

12

10

18

80
49

84

Keep mybrain alert(%)

Can’t afford toConcern that
retire because
Have a sense Social Security
Need healthI haven’tof purpose
will be lessbenefits
saved
than expected(%)(%)
enough
(%)
(%)

71

77

54

64

49

49

56

40

38

51

38

33

47

42

35

34

26

28

Note: Responses not shown for “None of the above” (All Workers: 3%, Generation Z: 2%, Millennials: 3%, Generation X: 3%, Baby Boomers: 3%).
WORKER BASE: 23RD ANNUAL SURVEY - PLAN ON RETIRING AFTER 65 AND/OR WORKING AFTER RETIREMENT
Q1530x1. What are your reason(s) for working in retirement or past age 65? Select all.

56

Phased Transition Into Retirement
Forty-four percent of workers envision transitioning into retirement either by reducing their hours with more timeto enjoy life (26%) or working in a different capacity that is either less demanding and/or brings greater personal
satisfaction (18%). Fewer than one in four workers (24%) envision they will immediately stop working either when
the reach a certain age (13%) or when they have saved a specific amount of money (11%). Twenty-one percent ofworkers envision they will continue working as long as possible in a current or similar position until they cannot
work anymore. Workers across generations generally share these visions; however, Baby Boomer workers are
more likely to expect to retire when they reach a specific age.
How do you envision transitioning into retirement? (%)

NET – Transition
All Workers:
Generation Z:
Millennials:
Generation X:
Baby Boomers:

26

24

44%
44%
46%
44%
40%

NET – Immediately Stop
All Workers:
24%
Generation Z:
24%
Millennials:
25%
Generation X:
21%
Baby Boomers:
28%

26 26 27

24
18

20 20

21
18
13

22

19 19

19
13 12 13

10

11

13 12

10

8

Transitioning into
Transitioning into
Continue working as long Immediately stop working Immediately sto working
retirement by reducing retirement by working in a as possible in current or once I reach a specific age
one I save a specificwork hours with moredifferent capacity that issimilar position until I
and begin pursuing myamount of money andtime to enjoy life
either less demanding
cannot work anymore
retirement dreams
begin pursuing myand/or brings greater
retirement dreams
personal satisfaction

11 12 10 11 10

Not Sure

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1545. How do you envision transitioning into retirement?

57

Age-Friendly Employers
Two-thirds of workers (67%) consider their employers to be “age-friendly” by offering opportunities, work
arrangements, and training and tools needed for employees of all ages to be successful in their current role orcontribution to the company. This perspective is shared across Generation X (64%), Baby Boomers (66%),
Generation Z (67%), and Millennials (70%). Seventeen percent of workers say their employers are not agefriendly, and 16% are not sure. With an increasingly multigenerational workforce, age-friendly employers are vitalin the ever-evolving future of work.
Do you consider your employer to be “age-friendly”? (%)
Workers by Generation

All Workers

Generation Z

67

21

12

Millennials

70

15

14

16

17
Generation X

64

17

19

Baby Boomers

66

18

16

67

Yes

No

Not Sure

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q2745. Do you consider your employer to be “age-friendly” (e.g., offering opportunities, work arrangements, and training andtools needed for employees of all ages to be successful in their current role or contribution to the company)?

58

Retirement Transition Offerings by Employers
Relatively few workers (41%) indicate their employer offers retirement transition assistance such asaccommodating flexible work schedules and arrangements (23%), enabling employees to reduce work hours
and shift from full-time to part-time (21%), and/or enabling employees to take positions that are less stressful or
demanding (18%). One in five workers indicate their employers encourage employees to participate insuccession planning, training, and mentoring (21%). Some workers are offered financial counseling about
retirement (18%), retirement-oriented lifestyle and transition planning resources (16%), information aboutencore careers (16%), and seminars and education about retirement transitions (15%). Twenty-one percent ofworkers say their employer does “nothing” and 21% are “not sure” if their employer offers anything.
In which of the following ways, if any, does your current employer
help its pre-retirees transition into retirement? (%)

All Workers
41

NET – Flexible Transition Arrangements
Accommodates flexible work schedules and arrangements

23

Enables employees to reduce work hours and shift from full-time to part-time

21

Enables employees to take positions which are less stressful or demanding

18

Encourages employees to participate in succession planning, training, and mentoring

21

Offers financial counseling about retirement

18

Offers retirement-oriented lifestyle and transition planning resources

16

Provides information about encore career opportunities

16

Provides seminars and education about transitioning into retirement

15

Other

2

Nothing21

Not sure

21

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1533. In which of the following ways, if any, does your current employer help its pre-retirees transition into retirement? Select all.

59

Flexible Transition Arrangements by Generations
Baby Boomers, the generation nearing and entering retirement, are less likely than younger generations toindicate their employers offer ways to help their employees transition into retirement. Only 29% of Baby Boomer
workers say their employers offer one or more types of transition such as flexible work schedules andarrangements (21%), reducing work hours and shifting from full-time to part-time (15%), and/or taking a position
that is less stressful or demanding (11%). Only 14% indicate their employers offer financial counseling about
retirement. More than one in three Baby Boomers workers (36%) say their employer does “nothing.”
In which of the following ways, if any, does yourcurrent employer help its employees who aretransitioning into retirement? (%)

Generation Z

Millennials
49

NET – Flexible Transition Arrangements
Accommodates flexible work schedules andarrangements
Enables employees to reduce work hours and shift
from full-time to part-time
Enables employees to take positions which are lessstressful or demanding
Encourages employees to participate in succession
planning, training, and mentoring

Generation X
48

Baby Boomers

33

29

24

27

19

21

26

25

17

15

25

22

13

11

21

26

18

12

Offers financial counseling about retirement

16

24

15

14

Offers retirement-oriented lifestyle and transition
planning resources

19

21

12

8

Provides information about encore career opportunities

18

21

12

6

Provides seminars and education about transitioning
into retirement

15

19

13

Other
Nothing
Not sure

4

1
12
20

12

1

1

14

25

20

24

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1533. In which of the following ways, if any, does your current employer help its pre-retirees transition into retirement? Select all.

36
21

60

Proactive Steps Taken to Help Ensure Continued Work
Almost nine in 10 workers (89%) have taken at least one proactive step to help ensure they can continue to work
as long as they want and need. However, the question is whether they are doing enough. Fewer than six in 10
workers say they are staying healthy so they can continue working (58%) and performing well at their current job(54%). Only 49% are keeping their job skills up to date. Even fewer workers are networking and meeting new
people (26%), taking classes to learn new skills (24%), scoping out the employment market (19%), obtaining a
new degree, certification, or professional designation (17%), and attending virtual conferences and webinars(15%). Baby Boomers are more focused on health and job performance, while Generation X, Millennials, andGeneration Z tend to be more engaged in networking and upskilling-related activities.
Have you taken any steps to ensuretheirthat you’ll be able to continue working as
long as you want and need? (%)

All Workers

NET – Taken One or More Steps to Continue
Working
Staying healthy so I can continue
working

Generation Z

Millennials

91

93

89

Generation X

Baby Boomers

86

88

58

56

54

57

71

Performing well at my job

54

48

53

53

61

Keeping my job skills up to date

49

46

52

46

51

Networking and meeting new people

26

29

30

23

18

Taking classes to learn new skills

24

35

30

18

12
16

Scoping out the employment market
and opportunities available
Obtaining a new degree, certification, or
professional designation
Attending virtual conferences andwebinars
Other
I have not taken any steps to ensure I’ll be able
to work as long as I want and need

19

22

22

15

17

30

21

11

5

17

12

12

16

15
2
11

4

2

7

9

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1531. Which of the following steps, if any, have you taken to help ensure that you’ll be able to work as long as you want and need? Select all.

1

1
14

12

61

Current Health & Well-Being

62

Top Life Priorities
Workers across generations share life priorities with unique differences. Enjoying life is the top life priority among
workers (58%); however, Baby Boomers are significantly more likely to cite it than younger cohorts including
Generation X, Millennials, and Generation Z (71%, 57%, 55%, 53%, respectively). Similarly, being healthy and fit is thesecond most-often cited priority among workers (53%). Yet Baby Boomers are more likely to cite it than Generation X,
Millennials, and Generation Z (63%, 54%, 50%, 47%). Older workers including Baby Boomers, Millennials, andGeneration X are also more likely than Generation Z to cite planning for their financial future (51%, 50%, 49%, 42%).
In contrast, younger workers including Generation Z, Millennials, and Generation X are more likely than Baby Boomers
to cite focusing on family, their career, and pursuing lifelong learning as top life priorities. Other life priorities sharedacross generations include leading a more sustainable life, giving back to the community, and serving as a caregiver.
Which of the following are currently your top priorities in life? Select All. (%)
All Workers

Generation Z

Millennials

Generation X

Baby Boomers

71
58

57
5355

63
54
53 50
47

49

5049514249
44 44 42
37

4647
37

30
18

Enjoying life Being healthy Planning forand fitmy financial
futureFocusing onfamilyMy career

26 26282324

Leading amoresustainable life

24

32
28
1815

Pursuing
lifelong
learning

22 24241924

16 161715
11

5 3 4 7 4

Giving back to Serving as a None of thesethecaregiver for acommunity
loved one

Responses not shown for “Other” (All Workers: 2%, Generation Z: 2%, Millennials: 2%, Generation X: 1%, Baby Boomers: 2%).
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q2022A. Which of the following are currently your top priorities in life? Select all.

63

Outlook on Life
Most workers have positive sentiments about life, such as being generally happy (84%), having close
relationships with family and/or friends (83%), enjoying life (81%), and having a strong sense of purpose inlife (78%). Seventy-three percent of workers have a positive view of aging and 67% have an active social life.
However, a concerning number of workers are experiencing distress, such as often feeling unmotivated andoverwhelmed (44%), feeling anxious and depressed (43%), having trouble making ends meet (43%), andfeeling isolated and lonely (31%).
How much do you agree or disagree with the following statements? (NET – Strongly/Somewhat Agree) (%)
All Workers

Indicators of Distress

Positive Feelings

84

83

81

78

73

67
44

43

43
31

I am a generally
happy person

I have close
relationships
with family and/or
friends

I am
enjoying
my lifeI have astrong senseof purposein my life

WORKER BASE: 23RD ANNUAL SURVEY ALL QUALIFIED RESPONDENTS
Q5025. How much do you agree or disagree with the following statements?

I have apositiveview ofaging

I have anactivesocial life

I often feelunmotivated andoverwhelmed

I often feel anxious
and depressed

I am having
troublemakingends meet

I am isolated
and lonely64Outlook on Life by Generations
While most workers across generations have positive feelings about life, Baby Boomers are generally more likely
than younger cohorts to be generally happy (90%), have close relationships (90%), be enjoying life (86%), andhave a strong sense of purpose in life (85%). Indicators of distress decrease with age. Baby Boomers,
Generation X, and Millennials are less likely to experience them than Generation Z. An alarming percentage ofGeneration Z often feeling unmotivated and overwhelmed (63%), often feeling anxious and depressed (61%),
having trouble making ends meet (57%), and are isolated and lonely (43%).
How much do you agree or disagree with the following statements? (NET – Strongly/Somewhat Agree) (%)
By Generation
Generation Z

Millennials

Generation X

Baby Boomers

Positive Feelings
83 84

90

81 83 83

90

73

74

81 82

86
72

80 77

Indicators of Distress
85
74 72

79

61

69 70

62 64

63

61
49

57
46

39
21

48

41
24

43

42
23

38
27
13

I am agenerally
happy
personI have close
relationships
with family
and/orfriends

I am
enjoying
my lifeI have astrong senseof purposein my life

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q5025. How much do you agree or disagree with the following statements?

I have apositiveview ofaging

I have anactivesocial life

I often feelanxious anddepressed

I often feelI am having
unmotivatedtroubleandmakingoverwhelmed ends meet

I am isolated
and lonely65

Self-Described General Health
Most workers (78%) self-describe their general health as excellent or good, with 21% describing it as excellent
and 57% as good. Twenty percent describe their health as fair and two percent as poor. Baby Boomers andGeneration X are less likely to describe their general health as excellent than Generation Z and Millennials (16%,17%, 24%, 25%, respectively). Of concern, nearly three in 10 Generation Z workers (29%) describe their general
health as fair or poor.
Self-Described General Health (%)
Excellent

Good

Fair

All Workers

21

57

Generation Z

24

48

Millennials

25

2

78%

4

72%

20

2

78%

20

2

78%

1

82%

20

25

53

Generation X

17

61

Baby Boomers

16

66

NET –
Excellent/Good
HealthPoor

17

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q2770. Overall, how would you describe your general health?

66

Concerns About Physical Health
Nearly seven in 10 workers (69%) are concerned about maintaining their physical health, including 30% who
are very concerned and 39% who are somewhat concerned. Generation Z, Millennials, and Generation X are
more likely to be very concerned about their physical health than Baby Boomers (34%, 32%, 29%, 22%,
respectively).

How concerned are you about maintaining each of the following? (%)
Physical Health
Very concerned

Somewhat concerned

Not very concerned

Not at all concerned

NET – Very/Somewhat
Concerned

All Workers

30

39

22

9

69%

Generation Z

34

33

22

11

67%

Millennials

32

36

21

10

68%

Generation X

29

42

21

8

71%

24

8

68%

Baby Boomers

22

46

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1447. How concerned are you about maintaining each of the following? Physical health.

67

Concerns About Mental HealthMore than six in 10 workers (61%) are concerned about maintaining their mental health, including 30% who arevery concerned and 31% who are somewhat concerned. Generation Z and Millennials are more likely to be very
concerned about their mental health than Generation X and Baby Boomers (38%, 36%, 26%, 18%, respectively).

How concerned are you about maintaining each of the following? (%)
Mental Health
Very concerned

Somewhat concerned

All Workers

30

Not very concerned

31

Not at all concerned

NET – Very/Somewhat
Concerned

16

61%

23

Generation Z

38

33

18

12

71%

Millennials

36

33

19

12

69%

16

58%

26

Generation X

Baby Boomers

18

32

25

26

32

26

43%

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1447. How concerned are you about maintaining each of the following? Mental health.

68

Concerns About Health in Older Age
More than seven in 10 workers (71%) are concerned about their health in older age, including 23% who are very
concerned and 48% who are somewhat concerned. Workers across generations similarly share concerns about
health in older age including Generation Z, Millennials, Generation X, and Baby Boomers (66%, 71%, 72%, 72%,
respectively). However, more than one in five Generation X and Millennials are very concerned about their healthin older age (23%, 25%), compared with just 19% of both Generation Z and Baby Boomers.
How concerned are you about your health in older age? (%)
All Workers

Workers by Generation

NET –Concerned

NET – Concerned: 66%

71%
6

Generation Z

19

47

27

7

46

21

8

49

22

5

53

24

4

23
NET – Concerned: 71%

23
Millennials

25
NET – Concerned: 72%

Generation X

NET – Concerned: 72%

48
Baby Boomers

Very concerned

23

Somewhat concerned

19

Not too concerned

Not at all concerned

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1445x1. How concerned are you about your health in older age?

69

Engagement in Healthy Activities
When asked about health-related activities they are doing on a consistent basis, more than half of workers
most indicate they are exercising regularly and eating healthy (both 53%). Other often-cited activities aresocializing with family and friends (47%), getting plenty of rest (46%), and maintaining a positive outlook(43%). Relatively few workers are seeking medical attention when needed and getting routine physicals (41%)
and recommended health screenings (38%). While 42% of worker are managing stress, few are practicing
mindfulness and meditation and seeking mental health support when needed (both 21%). Only 19% ofworkers are considering long-term health when making lifestyle decisions.
Engaging in Health-Related Activities on a Consistent Basis (%)

All Workers
53
53
47
46
43
42
41
38
36
34
32
28

Exercising regularly
Eating healthySocializing with family and friends
Getting plenty of rest
Maintaining a positive outlook
Managing stressSeeking medical attention when needed
Getting routine physicals and recommended health screenings
Avoiding harmful substances (e.g., cigarettes, alcohol, illicit drugs, etc.)
Getting recommended COVID-19 vaccinations
Getting recommended vaccinations (e.g., flu, shingles, MMR)
Taking COVID-19 precautions (e.g., wearing a mask, physically distancing, testing, etc.)

21
21
19

Practicing mindfulness and meditation
Seeking mental health support when needed
Considering long-term health when making lifestyle decisions
Other

Nothing

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1446. Which of the following health-related activities are you currently doing on a consistent basis? Select all.

1
4

70

Engagement in Healthy Activities by Generation
Workers across generations most often cite exercising regularly and eating healthy as health-related activities they
do on a consistent basis. Older workers are generally more likely to be engaging in healthy activities. Baby
Boomers are significantly more likely than Generation X, Millennials, and Generation Z to seeking medical
attention when needed (64%, 44%, 34%, 27%) and getting routine physicals and recommended health screenings(64%, 42%, 29%, 24%). Younger workers including Millennials and Generation Z are more likely than Generation X
and Baby Boomers to be practicing mindfulness and meditation (23%, 23%, 19%, 16%) and seeking mental
health support when needed (25%, 22%, 20%, 11%). Relatively few workers across generations are considering
long-term health when making lifestyle decisions.
Engaging in Health-Related Activities on a Consistent Basis (%)

Generation Z

Millennials

Generation X

Baby Boomers

Exercising regularly

45

51

55

62

Eating healthy

47

51

55

62

Socializing with family and friends

44

44

48

55

Getting plenty of rest

42

43

46

58
55

Maintaining a positive outlook

31

41

45

Managing stress

39

44

42

43

Seeking medical attention when needed

27

34

44

64

Getting routine physicals and recommended health screenings

24

29

42

64

Avoiding harmful substances (e.g., cigarettes, alcohol, illicit drugs, etc.)

28

31

36

51

Getting recommended COVID-19 vaccinations

27

27

35

56

Getting recommended vaccinations (e.g., flu, shingles, MMR)

22

25

32

57

Taking COVID-19 precautions (e.g., wearing a mask, physically distancing, testing, etc.)

20

27

28

Practicing mindfulness and meditation

23

23

19

16

Seeking mental health support when needed

22

25

20

11

Considering long-term health when making lifestyle decisions

19

21

18

19

39

Other

2

1

1

2

Nothing

5

5

4

2

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1446. Which of the following health-related activities are you doing on a consistent basis? Select all.

71

Employer Support for Achieving Work-Life Balance
Three in four workers (75%) indicate their employers are helpful in supporting them achieve work-life balance,
including 28% who feel they are very helpful and 47% who feel they are somewhat helpful. Millennials are more
likely than Baby Boomers, Generation Z, and Generation X to feel their employers are very helpful (32%, 27%,
26%, 25%, respectively). In contrast, Generation X and Baby Boomers are more likely than Generation Z andMillennials to feel their employers are not helpful in supporting them achieve work-life balance (28%, 27%, 23%,
22%).
How helpful is your employer in supporting you to achieve work-life balance? (%)
Workers by Generation

Workers
NET –Very/Somewhat
Helpful8

NET – Helpful: 77%

Generation Z

75%
28

16

26

51

18

5

15

7

NET – Helpful: 78%

Millennials

32

46

NET – Helpful: 72%

Generation X

25

47

18

10

46

15

12

NET – Helpful: 73%

47
Baby Boomers

Very helpful

Somewhat helpful27

Not too helpful

Not at all helpful

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q5021. How helpful is your employer in supporting you to achieve work-life balance?

72

Importance of Flexible Work Arrangements
More than eight in 10 workers (83%) feel it is important for their employer to offer flexible work arrangements,
including 49% who feel it is very important and 34% who feel it is somewhat important. Generation Z andMillennials are more likely than Generation X and Baby Boomers to feel flexible work arrangements are important(88%, 88%, 79%, 73%, respectively). Fifty-five percent of Millennial workers feel flexible work arrangements arevery important.
How important is it that your employer offers flexible work arrangements (e.g., job-sharing, flexible hours, remote working)? (%)
All Workers

Workers by Generation

NET – Important83%

NET – Important: 88%

6

Generation Z

49

39

8 4

11
NET – Important: 88%

Millennials

55

49

33

9 3

NET – Important: 79%

34

Generation X

46

33

13

7

NET – Important: 73%

Baby Boomers

Very important

Somewhat important40

Not too important

33

13

14

Not at all important

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q2022E. How important is it that your employer offers flexible work arrangements (e.g., job-sharing, flexible hours, remote working)?

73

Flexible Work Arrangements
Almost nine in 10 workers (87%) indicate their employers offer one or more types of alternative work
arrangements. The most often cited types are flexible work schedules (46%), the ability to adjust work hours asneeded (39%), and the ability to take unpaid leave of absence (34%). Approximately one in four workers areoffered hybrid work arrangements (29%), the ability to work somewhere on-site (27%), and the ability to
exclusively work remotely (25%). Only 22% are offered the ability to switch from full-time to part-time and viceversa. Thirteen percent of workers indicate their employer does not offer any alternative working arrangements.
Which of these working arrangements does your employer offer? Select all.
NET – Employer Offers One or More Alternative Working Arrangements
All Workers: 87%

46

39

34

29

27

25

22
14

13

11

13

9
<1

Flexible work
schedules

Ability to adjust Ability to takeHybrid work Ability to work
Ability to
Ability to switch Ability to take Opportunity to Compressed
work hours as unpaid leave of arrangements somewhere on- exclusively work from full-time to on work that is take a sabbatical work weeks
neededabsence(e.g., mix of site (e.g., office,remotely
part-time and less demanding
working on-sitecompany
vice versa
and working
location,remotely)
WeWork)

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q5020. Which of these working arrangements does your employer currently offer? Select all.

Job sharing

Other

My employer
doesn’t offer
any alternative
workingarrangements

74

Flexible Work Arrangements by Generations
Generation Z and Millennials are more likely to be offered one or more flexible work arrangements than
Generation X and Baby Boomers (91%, 90%, 85%, 81%, respectively). Nearly one in five Baby Boomers (19%) say
their employer does not offer any flexible work arrangements, which is significantly more than Generation X,
Millennial, and Generation Z workers (15%, 10%, 9%).
Which of these working arrangements
does your employer offer? (%)

Generation Z

NET – Employer Offers One or More
Alternative Working Arrangements

Millennials

Generation X

91

Flexible work schedules

90

50

Ability to adjust work hours as needed

85

49

41

Baby Boomers

81

42

43

40

36

40

Ability to take unpaid leave of absence

25

34

36

36

Hybrid work arrangements (e.g., mix of working on-site
and working remotely)

19

32

30

31

Ability to work somewhere on-site (e.g., office, company
location, We Work)

26

31

24

25

Ability to exclusively work remotely

22

26

25

26

Ability to switch from full-time to part-time and vice versa

25

27

Ability to take on work that is less demanding

21

17

15

17

11

8

Opportunity to take a sabbatical

12

16

11

9

Compressed work weeks

14

14

9

8

Job sharing

15

12

5

3

<1

1

Other
My employer doesn’t offer any alternative working
arrangements<1
9

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q5020. Which of these working arrangements does your employer currently offer? Select all.

<1
10

15

19

75

Worker Success in Managing Work-Life Balance
Eight in 10 workers (80%) feel they are successful at managing work-life balance, including 29% who feel very
successful and 51% who feel somewhat successful. Baby Boomers are more likely than younger generations
including Generation X, Millennials, and Generation Z to feel that they are very successful (35%, 30%, 30%, 21%,respectively). In contrast, Generation Z is generally more likely than older generations including Millennials,
Generation X, and Baby Boomers to feel that they are not successful at managing work-life balance (25%, 20%,
19%, 14%).
How successful do you feel that you are currently managing your work-life balance? (%)
Workers

Workers by Generation

NET –Very/Somewhat
Successful

4

80%

15

NET – Successful: 75%

Generation Z

21

54

20

5

29
NET – Successful: 80%

Millennials

30

50

16

4

52

14

5

NET – Successful: 82%

Generation X
51

30
NET – Successful: 86%

Baby Boomers

Very successful

Somewhat successful

Not too successful

35

51

11 3

Not at all successful

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q5015. How successful do you feel that you are currently managing your work-life balance?

76Employment & Personal Finances

77Changes to Finances Since the Pandemic Began
While most workers indicate their financial situation stayed the same (51%) since the pandemic began,
27% say it worsened and 21% say it improved. Generation X is more likely to indicate their financial
situation worsened, compared with Baby Boomers, Millennials, and Generation Z (32%, 26%, 26%, 22%,
respectively). In contrast, Generation Z and Millennials are more likely than Generation X and Baby
Boomers to indicate their finances improved (29%, 24%, 16%, 17%).
How has your financial situation changed since the pandemic began? (%)
By Generation

All Workers

Generation Z

22

Millennials

26

49

29

21

27

Generation X

Baby Boomers

51

Worsened

50

32

51

26

Stayed the same

24

57

16

17

Improved

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q9006. How has your financial situation changed since the pandemic began?

78

Negative Employment Impacts Resulting From the Pandemic
As of late 2022, almost four in 10 workers (38%) had experienced negative employment impacts as a result of
the pandemic, including reduced work hours (19%), laid off (13%), reduced salary (11%), and furloughed (9%).
However, there are stark differences across generations. Generation Z and Millennials were significantly more
likely to have been negatively impacted, compared with Generation X and Baby Boomers (52%, 44%, 32%, 24%,
respectively). Approximately one in five Generation Z (21%) and Millennials (17%) increased work hours. Baby
Boomers were more likely to have not experienced any employment impacts due to the pandemic, comparedwith Generation X, Millennials and Generation Z (57%, 43%, 33%, 20%).
Have you experienced any of the following employment impacts as a result of the pandemic? Select all. (%)
NET – Negatively Impacted
All Workers:
38%
Generation Z: 52%
Millennials:
44%
Generation X: 32%
Baby Boomers: 24%

57

38
2524
19
15
10

1816
13
10

18
11 1111
4

Reducedwork hours

Laid
off

6

Reducedsalary

14
9 10

7 8

Furloughed

191614 17
12

21
15 17
12

Shiftedto remoteworking

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q8826A. Have you experienced any of the following employment impacts as a result of the pandemic? Select all.

43
33

20
7

Increased
work hours

5 7 7 4Retiredearly2

1 <1 1 1 1
OtherNo
employment employment
impacts
impacts dueto thepandemic

5

9

4 4 3

Not
employed
at allduring the
pandemic

79

Unemployment During the Pandemic
Almost three in 10 (28%) became unemployed at some point during the pandemic, including 16% who werelaid off, 7% who were furloughed, 3% who quit voluntarily, 1% who retired early, and 2% who indicated “other.”More than four in 10 Generation Z workers (42%) became unemployed including those who were laid off(25%), quit voluntarily (9%), and furloughed (5%). Generation Z workers are more likely to have become
unemployed than Millennial, Generation X, and Baby Boomer workers (42% 30%, 23%, 17%, respectively).
Baby Boomers and Generation X are more likely to have remained employed throughout the pandemic,
compared with Millennials and Generation Z (69%, 64% 58%, 44%).
Did you ever become unemployed during the pandemic? Select all. (%)

NET – Yes, Unemployed at Some Point During the Pandemic
All Workers:
28%
Generation Z: 42%
Millennials:
30%
Generation X: 23%
Baby Boomers: 17%

64

60

69

58
44

25
16

18

13
6

Yes, I was laid off

7 5 6 7 993

13 13 12 13 14
4 2
1

Yes, I was furloughed Yes, I quit voluntarily

WORKER BASE: 23RD ANNUAL SURVEY – ALL QUALIFIED RESPONDENTS
Q1605A. Did you ever become unemployed during the pandemic? Select all.

1 1 1 <1 1

2 3 2 2 2

Yes, I retired early

Yes, other

No, I was employedthroughout the
pandemic

No, I was neverlooking for work
during the pandemic

80Part-Time Employment and Reasons for Working Part-Time
Generation Z and Baby Boomers are more likely to be employed part-time than Generation X and Millennials(27%, 17%, 8%, 7%, respectively). The top reasons for part-time employment among Baby Boomers are personal
preference (71%) and transitioning into retirement (33%), Generation Z is going to school/college (53%),
Millennials’ reasons for working part time are personal preference (37%) and parenting responsibilities (36%),
while Generation X also reports personal preference (34%) and parenting responsibilities (23%). Caregiving
responsibilities is a shared reason for part-time employment across generations including Millennials,
Generation X, Generation Z, and Baby Boomers (19%, 14%, 13%, 8%).

Reasons for Being Employed Part-Time Versus Full-Time (%)

Employed Part-Time
All Workers:
12%
Generation Z: 27%
Millennials:
7%
Generation X: 8%
Baby Boomers: 17%

71
53
40 37
34
19

36
19
6 3

17
11
2

33

23

20
141311 14
4

14
10

4 7

19
1313 14

8

11 8

1615
8

8 5 7

14

8

Personal
Going toParenting
Medical/health Transitioning
Caregiving
Cannot find full- My company
preference to school/college responsibilities
limitations
into retirement responsibilities
time
doesn't offer
work part-time
employment
full-time
positions
WORKER BASE: 23RD ANNUAL SURVEY – ALL QUALIFED RESPONDENTS
Q1600A. Which one of the following describes your employment status?
WORKFER BASE: 23RD ANNUAL SURVEY – PART-TIME WORKERS
Q1603. What are your reason(s) for being employed part-time versus full-time? Select all.

7 4 10 8 8
Other

81

Number of Current Jobs/Employers and Side Hustles
Eighty-two percent of workers are currently working at one job or employer, while 17% have two or more jobs.
Younger generations including Generation Z, Millennials, and Generation X are more likely to have 2 or more jobs
than Baby Boomers (30%, 22%, 14%, 7%, respectively). Moreover, 38% of workers indicate they have a side hustle.
Similarly, Generation Z, Millennials, and Generation X are more likely to have a side hustle than Baby Boomers(57%, 45%, 32%, 17%).

How many jobs or employers are you currently working for? (%)
NET 2+ Jobs:

4+

17%

30%
2
2
23

14%
4
3

3
4

13

3

22%

15

11

7%
2
1

5

Do you currently have a “side hustle” (a meansof making money in addition to your main formof employment or income)?
Yes (%)
57

1
1

45
38

2

32

1
82
70

All Workers

Generation Z

79

Millennials

87

93
17

Generation X Baby Boomers

All Workers Generation Millennials Generation
Z
X

Baby
Boomers

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q2775. How many jobs or employers are you currently working for?
Q2022F. Do you currently have a “side hustle” (a means of making money in addition to your main form of employment or income)?

82Caregiving Experience
Amid population aging, many workers will be called upon to serve as a caregiver over the course of theirworking years. Thirty-six percent of workers are currently serving and/or have previously served as a caregiver
for a relative or friend during their career (excluding parenting responsibilities), including 19% who are currently
caregivers and 19% who have been a caregiver in the past. Millennial workers are more likely to be currently
serving as caregivers, compared with Generation X, Generation Z, and Baby Boomers (23%, 18%, 17%, 12%,
respectively).
Are you currently serving or have you served as a caregiver for a relative or friend during the course of yourworking career (excluding parenting responsibilities)? (%)
NET – Served as Caregiver During Course of Working Career
All Workers
Generation Z:
Millennials:
Generation X:
Baby Boomers:

36%
35%
40%
36%
30%

69
63

19

23

17

19

18

20

19

19

63

59

63

20

12

Yes, I am a currently a caregiver

Yes, I have been a caregiver in the pastNo

Note: Responses not shown for “Not Sure” (All Workers: 1%, Gen Z: 2%, Millennials: 1%, Gen X: 1%, Baby Boomers: <1%).
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q2500x1. Are you currently serving or have you served as a caregiver for a relative or friend during the course of your working career (excluding parenting
responsibilities)? Select all.

83

Caregiver Relationship to the Care RecipientAmong workers who are serving and/or have served as caregivers, parents (44%) are the most frequently citedrecipients of care, followed by grandparents (20%), children (18%), and spouse/partner (17%). However, the carerecipients vary by workers’ age. Baby Boomer and Generation X workers are more likely to be caring or have cared
for a parent than Millennials and Generation Z (64%, 50%, 39%, 24%, respectively). In contrast, Generation Z andMillennials are more likely to be caring or have cared for a grandparent than Generation X and Baby Boomers(36%, 24%, 13%, 4%). Twenty-two percent of Millennials are caring or have cared for a child and 20% ofGeneration Z are caring or have cared for a sibling.
What is your relationship to theperson(s) you are or have served
as a caregiver for? Select all. (%)

All Workers

Generation Z

44

ParentGrandparent

20

Child

18

Spouse/Partner

Millennials

Generation X

Baby Boomers

39

50

64

24
36

24

13

4

15

22

16

11

17

14

19

15

16

Friend or Neighbor

13

18

14

12

8

Other Family Member

10

11

11

10

Sibling

9

9

6

3

Other

4

3

4

3

7
20
10

WORKER BASE: 23RD ANNUAL SURVEY - CAREGIVER
Q700. What is your relationship to the person(s) you are or have served as a caregiver for? Select all.

84

Work Adjustments as a Result of Becoming a CaregiverAmong those who are serving and/or have served as caregivers, most workers (86%) made one or more workrelated adjustments as a result of becoming a caregiver (e.g., missed days of work, reduced hours, began
working alternative schedule, began working remotely). Generation Z, Millennial, and Generation X workers are
more likely to have made one or more adjustments than Baby Boomers (92%, 89%, 84%, 74%, respectively).
All Workers

Gen Z

Millennials

Gen X

Baby
Boomers

86

92

89

84

74

Missed days of work

35

31

36

36

37

Reduced my hours

25

40

27

19

19

Began working an alternative schedule

24

21

28

25

14

Began to work remotely

23

21

26

20

20

Took on additional hours to pay for cost of caregiving

20

24

24

19

8

Taken a paid leave of absence from my employer

17

16

20

17

9

Taken an unpaid leave of absence from my employer

17

26

19

14

9

Reduced job responsibilities or switched to a less demanding job

14

16

17

13

8

Started working as a contractor, freelancer, or in the gig economy

11

11

12

10

6

Quit a job

10

17

11

7

5

Forgone a promotion

8

8

10

8

7

Transferred to a different location within my company

8

13

12

4

4

Retired early

1

0

0

1

3

None

11

4

7

13

22

I was not working when I started caregiving

4

4

4

4

4

Work-related adjustments as a result of becoming a caregiver (%)
NET- Made one or more adjustments

Note: Responses not shown for “Other” (All Workers: 1%, Generation Z: 0%, Millennials: 1%, Generation X: 1%, Baby Boomers: 2%).
WORKER BASE: 23RD ANNUAL SURVEY - SERVED AS A CAREGIVER
Q2505x1. Which of the following have you done as a result of becoming a caregiver? Select all.

85

Current Financial Priorities
Workers face competing financial priorities ranging from paying off debt (59%) to saving for retirement (57%)
and building emergency savings (42%). Younger generations including Generation Z and Millennials are more
likely than Generation X and Baby Boomers to indicate they are just getting by to cover basic living expenses(47%, 35%, 28%, 20%, respectively). In contrast, older cohorts including Baby Boomers, Generation X, andMillennials are more likely than Generation Z to cite saving for retirement as a priority (76%, 66%, 52%, 35%,
respectively). Millennials and Generation X, whose age ranges span 30s to 50s, are more likely to cite
supporting children and paying off debt as priorities. Strikingly, Generation Z and Millennials are more likely tocite supporting their parents and paying long-term care expenses.
Financial Priorities Right Now (%)

All Workers

Generation Z

59

NET – Paying off debt

50

39

Paying off credit card debt

Paying off student loans

13

Paying off other consumer debt

12

26

20
9
57
42

Building emergency savings
Just getting by to cover basic living expenses

32

Supporting children

32

14

10

14

13

35

52

38

46

47

54

42

32

36

34
3
13
66

76

42

35

17

Baby Boomers
65

43

14

Saving for retirement

Generation X
60

33

29

Paying off mortgage

Millennials

35

28

20

34

12

44

Paying health care expenses

22

21

25

21

18

Creating an inheritance or financial legacy

17

15

20

15

17

Contributing to an education fund

17

11

23

16

Supporting parents

13

Paying long-term care expenses

910

Supporting grandchildren

4

4

Other

4

10

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q2639. Which of the following are your financial priorities right now? Select all.

8

17

9

4

13

6

4

4

4

4

4

3

4

21

86

Emergency Savings
Emergency savings are needed to cover financial setbacks, such as unemployment, medical bills, home repairs,
auto repairs, and other unexpected expenses. Emergency savings could also help prevent workers from dipping
into their retirement savings to cover such expenses. However, workers have saved only $5,000 (median) inemergency savings as of late 2022. Emergency savings increase with age: Generation Z workers have saved$1,000, while Millennials have saved $3,500, Generation X workers have saved $5,000, and Baby Boomers havesaved $25,000 (medians). Of concern, approximately one in six workers across generations have no emergency
savings at all, including 19% of Generation Z, 17% of Millennials, 17% of Generation X, and 10% of Baby Boomers.
2022 Total Household Emergency Savings (%)$100k or more

9$25k to less than $100k

13$15k to less than $25k

56
7$10k to less than $15k
$5k to less than $10k
$1k to less than $5k$1 to less than $1k
None ($0)

Not sureMedian (including $0)

12

9
3
4
7
4
6
13
13

8

8

11

13

5
5
6

6
8
9

14
12
11

7

15

23
4
7
7

16

19

17

17

8
2
10

All Workers

Generation Z

Millennials

Generation X

Baby Boomers

24

31

23

22

23

$5,000$1,000$3,500$5,000$25,000

Note: Results may not total to 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q2825. How much do you have in emergency savings specifically to cover the cost of unexpected major financial setbacks (e.g., unemployment,
medical bills, home repairs, auto repairs, other)?

87

Homeownership, Renting, or Living With Others
More than six in 10 workers own their home (62%), while 30% rent and seven percent live with relatives orfriends. Homeownership increases with age. Older generations, including Baby Boomers, Generation X, andMillennials are more likely to own their home than Generation Z (84%, 70%, 58%, 32%, respectively). Renting
is more common among Generation Z, Millennial, and Generation X workers than Baby Boomers (42%, 35%,
27%, 15%). Twenty-four percent of Generation Z workers live with relative or friends. Increasing access toaffordable housing is an important step towards enhancing financial security for Americans of all ages.
Do you own or rent your home? (%)
Workers by Generation

All Workers

7

1

Generation Z

32

Millennials

42

58

24

2

35

61

30

62

Generation X

Baby Boomers

Own

Rent

Neither – I live with relatives or friends

70

27

84

31

15

1 <1

Other

Note: Results may not total to 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY – ALL QUALIFIED RESPONDENTS
Q2712. Do you own or rent your home?

88

Health Care Savings
More than seven in 10 workers (76%) are saving for health care expenses, including 78% of Generation Z, 77%
of Millennials, 72% of Generation X, and 77% of Baby Boomers. Baby Boomers are more likely to use anindividual account such as savings, checking, and brokerage than Millennials, Generation X, and Generation Z(66%, 57%, 55%, 44%, respectively). Millennials are more likely to use an HSA, compared with Generation Z,
Generation X, and Baby Boomers (37%, 31%, 28%, 24%). This trend loosely aligns with the creation of HSAs in
2003, the growing popularity of high deductible health care insurance in recent years, and the evolving
retirement landscape. Across generations, a concerning number of workers are not saving for health careexpenses, including 22% of Generation Z, 23% of Millennials, 23% of Baby Boomers, and 28% of Generation X.
In which of the following accounts, if any, are you saving or have funds saved to pay for health care expenses? Select all. (%)
NET – Saving for Health Care Expenses
All Workers:
Generation Z:
Millennials:
Generation X:
Baby Boomers:

76%
78%
77%
72%
77%

66
57 55

56
44

31 31

Individual account(e.g., savings, checking,brokerage, etc.)

37
28

24

Health savings account (HSA)19

24 22 23

23 23
15

10

4

Flexible spending account(FSA)

WORKER BASE: 23RD ANNUAL SURVEY – ALL QUALIFIED RESPONDENTS
Q755H. In which of the following accounts, if any, are you currently saving or have funds saved to pay for health care expenses? Select all.

8

3
Other

3

28

23

5
None, I am not saving for
health care expenses

89

Insufficient Income to Save for Retirement
Fifty-three percent of workers agree with the statement, “I don’t have enough income to save for retirement,”
including 22% who strongly agree and 31% who somewhat agree. Generation Z, Generation X, Millennials are
more likely to agree than Baby Boomers (60%, 56%, 55%, 38%, respectively). Nearly one in four Generation X,
Generation Z, and Millennials strongly agree that they don’t have enough income to save for retirement (24%,24%, 23%).
“I don’t have enough income to save for retirement.” (%)
NET – Agree
22

Generation Z

24

Millennials

23

32

24

21

55%

Generation X

24

32

25

20

56%

Baby Boomers

Strongly Agree

16

31

25

53%

All Workers

36

22

Somewhat Agree

22

28

29

Somewhat Disagree

12

60%

38%

34

Strongly Disagree

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q930. How much do you agree or disagree with each of the following statements regarding retirement?
“I don’t have enough income to save for retirement.”90

Interference of Debt in Ability to Save for Retirement
Fifty-three percent of workers agree with the statement, “Debt is interfering with my ability to save for retirement,”
including 22% who strongly agree and 31% who somewhat agree. However, there is a striking difference acrossgenerations. Millennials, Generation X, and Generation Z are more likely to agree than Baby Boomers (58%, 56%,
54%, 34%, respectively). Of concern, one in four Millennial and Generation X workers (25%, 24%) strongly agree
that debt is interfering with their ability to save for retirement.

“Debt is interfering with my ability to save for retirement.” (%)
NET – Agree

All Workers

22

31

Generation Z

18

36

23

Millennials

25

33

Generation X

24

32

Baby Boomers

Strongly Agree

14

20

Somewhat Agree

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q930. How much do you agree or disagree with each of the following statements regarding retirement?
“Debt is interfering with my ability to save for retirement.”

24

53%

27

19

54%

22

20

58%

23

56%

21

23

34%

43

Somewhat Disagree

Strongly Disagree

91Retirement Outlook & Savings

92Outlook of Future Generations of Retirees
Forty-one percent of workers think that future generations of retirees will be worse off than those currently inretirement, while 31% think they will be about the same, 19% think they will be better off, and 10% don’t know.
Older generations, including Baby Boomers and Generation X, are significantly more likely to say that future
generations of retirees will be worse off, compared with Millennials and Generation Z (55%, 51%, 33%, 28%,
respectively).
Do you think that future generations of retirees will be better off or worse off than those currently in retirement? (%)
By Generation

All Workers

10

19

41

31

Worse off

Generation Z

28

38

22

12

Millennials

33

33

26

9

Generation X

51

29

12

9

Baby Boomers

55

23

10

11

About the same

Better off

Don’t know

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q2022B. Do you think that future generations of retirees will be better off or worse off than those currently in retirement?

93

Retirement Confidence
Sixty-eight percent of workers are confident that they will be able to fully retire with a comfortable lifestyle,including 23% who are very confident and 45% who are somewhat confident. While confidence is similar
across generations, Millennials (27%) are more likely than Baby Boomers and Generation X to be very confident(21%, 17%, respectively) and somewhat more likely than Generation Z (23%).
How confident are you that you will be able to fully retire with a lifestyle you consider comfortable? (%)
Workers by Generation

All Workers

NET – Confident: 74%

NET – Confident

68%
Generation Z

11

23

51

21

5

23
NET – Confident: 70%

Millennials

22

27

43

21

9

NET – Confident: 59%

Generation X

42

26

14

NET – Confident: 70%

45
Baby Boomers

Very Confident

17

Somewhat Confident

21

Not Too Confident

49

18

12

Not At All Confident

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q880. How confident are you that you will be able to fully retire with a lifestyle you consider comfortable?

94Retirement Nest Egg
Sixty-three percent of workers agree that they are currently building a large enough retirement nest egg,
including 28% who strongly agree and 35% who somewhat agree. Millennials are generally more likely than
Generation Z, Baby Boomers, and Generation X to strongly agree (32%, 27%, 25%, 24%, respectively).

Building a Large Enough Retirement Nest Egg (%)
NET – Agree

All Workers

28

35

Generation Z

27

38

Millennials

32

Generation X

24

Baby Boomers

25

Strongly Agree

Somewhat Agree

35

33

15

6

63%

17

12

6

65%

15

12

7

67%

19

6

57%

16

6

63%

16

19

38

Somewhat Disagree

14Strongly Disagree

Not Sure

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q800. How much do you agree or disagree that you are currently building a large enough retirement nest egg (i.e., total retirement savings)?

95

Expected Sources of Retirement Income
Workers expect diverse sources of retirement income with the most often cited including self-funded savings from401(k), 403(b), IRAs or other savings and investments (78%), Social Security (63%), and income from working(36%). Baby Boomers, Generation X, and Millennials are more likely than Generation Z to expect income from401(k), 403(b), IRAs (74%, 72%, 68%, 52%, respectively). Baby Boomers, Generation X, and Millennials are also
more likely than Generation Z to expect retirement income from Social Security (88%, 73%, 53%, 43%). However,there are some differences by generations. Baby Boomers are more likely to expect income from company-fundedpension plans (26%). Generation Z workers are somewhat less likely to cite as many of the various potential
sources of retirement income, a finding that is not surprising given their younger age.
Which of the following do you expect to be sources of income to cover your living expenses after you retire? Select all. (%)
NET – Self-Funded Savings
All Workers:
Generation Z:
Millennials:
Generation X:
Baby Boomers:

68

68

78%
69%
78%
80%
84%

88

72 74

52

73
58
45 46

41 43

63
53
43
36

41

37

32

36
21

401(k), 403(b), IRAs

Other savings andinvestments

Social Security

Working

16

20 21

26

Company-fundedpension plan

16 16 17 17 14Home equity

13

18

14 12

10

Inheritance

Note: Responses not shown for “Other” (All Workers: 1%, Generation Z: <1%, Millennials: 1%, Generation X: 1%, Baby Boomers: 1%).
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1145. Which of the following do you expect to be sources of income to cover your living expenses after you retire? Select all.

96

Expected Primary Source of Retirement Income
Fifty percent of workers expect their primary source of income in retirement to come from self-funded savings suchas 401(k)s, 403(b)s, IRAs (38%) or other savings and investments (12%), and 23% of workers expect to rely on Social
Security. Baby Boomers are significantly more likely to expect Social Security to be their primary source, comparedwith Generation X, Millennials, and Generation Z (41%, 26%, 16%, 15%, respectively). In contrast, Millennials,
Generation X, and Generation Z workers are more likely than Baby Boomers to cite self-funded savings, such as401k(s), 403(b)s, IRAs and/or other savings and investments (56%, 50%, 49%, 39%). Fifteen percent of all workers
expect their primary source of retirement income to come from working, a finding that it is more often cited byGeneration Z, compared with Millennials, Generation X, and Baby Boomers (23%, 17%, 13%, 8%). Note: 401(k)s did
not become readily available until the 1990s, a time at which Baby Boomers were already well into their careers, andtherefore, they have not had as much time to save in them.
Which one of the following do you expect to be your primary source of income to cover your living expenses after you retire?
NET – Self-Funded Savings: 50%

All Workers

38

12

23

15

6

3 3 1

Other savings andinvestments

NET – Self-Funded Savings: 49%

Generation Z

32

17

15

23

4

6

4 <1

NET – Self-Funded Savings: 56%

Millennials

Social Security
Working

44

12

16

17

5

2 3 1

NET – Self-Funded Savings: 50%

Generation X

401(k), 403(b), andIRAs

Company-fundedpension plan
Inheritance

40

10

26

13

6

3 2 <1
Home Equity

NET – Self-Funded Savings: 39%

Baby Boomers

28

<1
11

41

8

9

11

Other

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1150. Which one of the following do you expect to be your primary source of income to cover your living expenses after you retire?

97

Concerns About Future of Social Security
Seventy-two percent of workers agree with the statement, “I am concerned that when I am ready to retire,
Social Security will not be there for me,” including 33% who strongly agree and 39% who somewhat agree.
Generation X is more likely than Millennial, Generation Z, and Baby Boomer workers to agree (80%, 74%, 71%,
60%, respectively). Generation X and Millennial workers are more likely to strongly agree, compared with
Generation Z and Baby Boomers (38%, 37%, 27%, 24%).
“I am concerned that when I am ready to retire, Social Security will not be there for me.” (%)
NET – Agree33

All Workers
Generation Z

39

27

44

Millennials

37

Generation X

38

Baby Boomers

Strongly Agree

24

37

42

36

Somewhat Agree

16

11

72%

19

10

71%

15

11

74%

8

80%

13

22

Somewhat Disagree

18

60%

Strongly Disagree

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q930. How much do you agree or disagree with each of the following statements regarding retirement?
“I am concerned that when I am ready to retire, Social Security will not be there for me.”98

Saving for Retirement and Age Started Saving
Seventy-eight percent of workers are saving for retirement through employer-sponsored plans, such as a 401(k)or similar plan, and/or outside the workplace. Baby Boomers, Generation X, and Millennials are more likely than
Generation Z to be saving (85%, 81%, 78%, 66%, respectively). Among those saving for retirement, Generation Z
started saving at age 19, Millennials at age 25, Generation X at age 30, and Baby Boomers at age 35 (medians).

Workers Who Are Saving For Retirement Through an Employer-Sponsored
Retirement Plan and/or Outside of Work (%)

78

78

81

85

66

Age Started Saving(Median)

All Workers

Generation Z

Millennials

Generation X

Baby Boomers

27 years

19 years

25 years

30 years

35 years

WORKER BASE: 23RD ANNUAL SURVEY - CURRENTLY OFFERED QUALIFIED PLAN
Q1190. Do you currently participate in, or have money invested in your company’s employee-funded retirement savings plan?
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q740. Are you currently saving for retirement outside of work, such as in an IRA, mutual funds, bank account, etc.?
WORKER BASE: 23RD ANNUAL SURVEY - INVESTING FOR RETIREMENT
Q790. At what age did you first start saving for retirement?

99

Saving for Retirement Outside of Work
Nearly two-thirds of workers (63%) are saving for retirement outside of work, such as in an IRA, mutual
funds, bank account, etc. Baby Boomers (74%) are more likely to be saving for retirement outside of work,
compared with Generation X (61%), Millennials (61%), and Generation Z (56%).

Saving for Retirement Outside of Work (%)
All Workers

No
37
Yes
63

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q740. Are you currently saving for retirement outside of work, such as in an IRA, mutual funds, bank account, etc. ?

Generation

Saving for Retirement
Outside of Work
(Yes %)

Generation Z

56%

Millennials

61%

Generation X

61%

Baby Boomers

74%

100

Types of Retirement Savings & Investments
Among those saving for retirement outside the workplace, workers save and invest in a variety of ways with themost often cited being in a bank account such as savings, checking, money market, and CDs (62%), a 401(k),403(b), 457(b) or similar plan (50%), and a brokerage account (39%). There are striking differences acrossgenerations. Baby Boomers are more likely to cite a bank account (77%), IRA (59%), brokerage account (53%),
primary residence (42%), and annuity (22%). Millennials are more likely to cite cryptocurrency (34%).
Generation Z are more likely to cite business ownership (12%). However, Generation Z workers report lower use
for most of these types of retirement savings and investments, a finding that is not surprising given their
younger age.
What types of savings and investments do you currently have that are specifically for retirement? Select all. (%)
All Workers

Generation Z

Millennials

Generation X

Baby Boomers

77
62

63
57

49

59
54
50 5052
36

53
43

39

33
20

43
37
29

42
34

33
30 3130
23

24

26

18
13

17

2223

19 202017
16

18

22
14151612105Bank account 401(k), 403(b), Brokerage(e.g., savings,
457(b) or
account (e.g.,checking,
similar plan stocks, bonds,
money market,
mutual funds,
CDs, etc.)
ETFs, etc.)

IRA

Life insurance
policyPrimary
residence

Cryptocurrency HSA (health(e.g., Bitcoin,savings
Ethereum,
account)
Dogecoin)

12 1011
9

9

1315
8

6

Annuity

8 7

5

1 31 1 0

NFTs (nonBusinessfungible token) ownershipI have nosavings andinvestments

1
Real estate
investment
other than
primary
residence

12

Note: Responses not shown for “Other investments” (All Workers: 1%, Generation Z: <1%, Millennials: 1%, Generation X: 2%, Baby Boomers: 2%).
WORKER BASE: 23RD ANNUAL SURVEY – THOSE WHO ARE SAVING OUTSIDE OF WORK
Q750. What types of savings and investments do you currently have that are specifically for retirement? Select all.

101

Total Household Savings in Retirement Accounts
As of late 2022, workers have saved $65,000 (estimated median) in total household retirement accounts.
Baby Boomer workers have the most retirement savings at $289,000, compared with Generation X($82,000), Millennials ($49,000), and Generation Z ($29,000) (estimated medians). The proportion ofworkers having saved $250,000 or more increases with age including Generation Z (12%), Millennials (24%),
Generation X (31%), and Baby Boomers (51%). Alarmingly, 32% of Generation X and 21% of Baby Boomer
workers have less than $50,000 in retirement savings. Nine percent of all workers have no retirementsavings.
2022 Total Household Savings in Retirement Accounts (%)

12$250k or more
29
$100k to less than $250k$50k to less than $100k

12

16

11

10
8

$1 to less than $5k

8
6
6
7

None ($0)$25k to less than $50k

24

31

11
51

11
12

15

10

11

10

8
6
8

7
5
5
6

9

11

10

9

6
5
3
3
4
6

All Workers

Generation Z

Millennial

Generation X

Baby Boomer

Not sure
Decline to answer

8
3

12
2

8
3

6
3

5
7

Estimated Median(including $0)$65,000$29,000$49,000$82,000$289,000$10k to less than $25k
$5k to less than $10k811Notes: 1) The median is estimated based on the approximate midpoint of the range of each response category. Non-responses are
excluded from the estimate. 2) Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS.
Q1300. Approximately how much money does your household have saved in all of your retirement accounts?

102401(k)s & Employer Benefits

103

The Importance and Value of Retirement Benefits to Workers
Workers highly value retirement benefits. Ninety-one percent of workers value a 401(k) or similar retirement
plan as an important benefit, including 92% of Millennials, 90% of Generation X, 88% of Baby Boomers, and
87% of Generation Z. Eighty-two percent of workers agree that retirement benefits offered by a prospective
employer will be a major factor in their final decision the next time they look for a job. Millennials andGeneration X are more likely than Baby Boomers and Generation Z to agree that retirement benefits will be amajor factor in their final decision (86%, 85%, 75%, 73%, respectively).

Importance of 401(k) or similar plan as a benefit
NET – Very/Somewhat Important (%)
91

All Workers

87

92

Gen Z

Millennials

Retirement benefits offered by a prospective employer
will be a major factor in decision to accept
NET – Strongly/Somewhat Agree (%)

90

88

82

Gen X

Baby Boomers

All Workers

73

Gen Z

86

85

Millennials

Gen X

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1170. Please tell us how important that benefit is to you, personally. “A 401(k)/403(b)/457(b) or other employee self-funded plan.”
Q831. How much do you agree or disagree with the following statement? “The next time I look for a job, all things being equal, the retirement benefits offered by
the prospective employer will be a major factor in my final decision.”75

Baby Boomers

104Retirement Benefits Offered by Employers
Seventy-six percent of workers have access to a 401(k) or similar employee-funded retirement plan in theworkplace. Millennials and Generation X are more likely to be offered an employee-funded plan than Baby
Boomers and Generation Z (80%, 77%, 73%, 69%, respectively). A finding of great concern is that 18% ofworkers are not offered any retirement benefits.
Retirement Benefits Offered by Employers (%)
All Workers

NET – Employee-Funded Plan (e.g., 401(k) or Similar Plan) (%)
69

NET – Employee-Funded Plan(e.g., 401(k) or similar plan)

80

77

73

Millennial

Gen X

Baby Boomer

76
Gen Z

Employee-funded 401(k) plan68

An employee-funded 403(b) or 457(b) plan

14

An Employee-Funded 401(k) Plan (%)

Other employee self-funded plan (e.g.,
SIMPLE, SEP, or other plans)

11

54

68

Gen Z

Millennial

Gen X

Baby Boomer

21

Traditional defined-benefit plan

17

Cash balance planNone. My employer doesn’t offer any retirement
benefits. (%)

2

22None. My employer doesn’t offer any
retirement benefits.

71

29

NET – Company-Funded Defined Benefit Plan

Other

70

15

18

23

Millennial

Gen X

Baby Boomer

18

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1180. Which of the following retirement benefits does your company currently offer to you, personally? Select all.

Gen Z

105

Access to a 401(k) or Similar Plan: Full-Time vs. Part-Time Workers
Full-time workers (80%) are significantly more likely to be offered a 401(k) or similar employee-funded plan
than part-time workers (48%). Full-time workers across generations are similarly likely to be offered a plan
including 81% of Millennials, 80% of Baby Boomers, 80% of Generation X, and 75% of Generation Z. Among
part-time workers, Millennials and Generation Z are slightly more likely to be offered a plan than Generation X
and Baby Boomers (57%, 53%, 46%, 39%, respectively).
Full-Time Workers

Part-Time Workers

NET – Employee-Funded 401(k) or Similar Plan (%)

NET – Employee-Funded 401(k) or Similar Plan (%)

80

All Workers

75

Gen Z

81

Millennials

80

Gen X

80

Baby Boomers

48

53

All Workers

Gen Z

An Employee-Funded 401(k) Plan (%)
71

All Workers

72

73

Millennials

Gen X

Millennials

46

39

Generation X Baby Boomers

An Employee-Funded 401(k) Plan (%)
74

59

Gen Z

57

Baby Boomers

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1180. Which of the following retirement benefits does your company currently offer to you, personally? Select all.

40

39

All Workers

Gen Z

48

Millennials

41

38

Generation X Baby Boomers

106Access to a 401(k) Inspires Workers to Save
Workers are more likely to save for retirement when they have access to a 401(k) or similar plan through theiremployer. Most workers (88%) who have access to an employer-sponsored plan are saving for retirement in theplan and/or outside of work including Baby Boomers (94%), Generation X (91%), Millennials (88%), andGeneration Z (79%). In stark contrast, among workers who are not offered a plan by their employers, far fewer
workers (46%) are saving for retirement including Baby Boomers (64%), Generation X (50%), Millennials (38%),
and Generation Z (37%).
Saving for Retirement(in an Employer-Sponsored Plan and/or Outside of Work)
Among Those Offered a 401(k) or Similar Plan (%)

88

88

91

Among Those Not Offered a 401(k) or Similar Plan (%)

94

79
64
50

46

All Workers

Gen Z

Millennials

Gen X

Baby
Boomers

All Workers

WORKER BASE: 23RD ANNUAL SURVEY - CURRENTLY OFFERED QUALIFIED PLAN / NOT CURRENTLY OFFERED QUALIFIED PLAN
Q1190. Do you currently participate in, or have money invested in your company’s employee-funded retirement savings plan?
Q740. Are you currently saving for retirement outside of work, such as in an IRA, mutual funds, bank account, etc.?

37

38

Gen Z

Millennials

Gen X

Baby
Boomers107

Plan Participation and Salary Deferral Rates
Almost eight in 10 workers (79%) who are offered a 401(k) or similar plan participate in that plan. Participation
rates are higher among Generation X, Baby Boomers, and Millennials than Generation Z (84%, 83%, 79%, 61%,
respectively). Among those who participate in their employers’ plans, the median annual salary deferral rate is10%, but it varies by generation. Generation Z contributes 20% to their plans, while Millennials are contributing
12% and Generation X and Baby Boomers are contributing 10% (medians).

Participates in 401(k) or Similar Plan
Yes (%)

79

79

84

Percentage of Annual Salary Saved in PlanMedian (%)

83

20

61
12

10

All Workers

Gen Z

Millennials

Gen X

Baby
Boomers

All Workers

WORKER BASE: 23RD ANNUAL SURVEY - CURRENTLY OFFERED QUALIFIED PLAN
Q1190. Do you currently participate in, or have money invested in your company’s employee-funded retirement savings plan?
WORKER BASE: 23RD ANNUAL SURVEY - CURRENTLY PARTICIPATES IN QUALIFIED PLAN
Q601. What percentage of your salary are you saving for retirement through your company-sponsored plan this year?

Gen Z

Millennials

10

10

Gen X

Baby
Boomers108

“Super Savers” Contributing More than 10 Percent of Pay“Super savers” are workers who participate in a 401(k) or similar retirement plan and contribute more than
10% of their salaries into the plan. Forty-nine percent of workers participating in a 401(k) or similar retirement
plan are super savers, with 14% contributing 11 to 15% and 35% contributing more than 15% of their annual
pay into the plan. Slightly more than half of workers participating in a plan (51%) save 10% or less.

What percentage of your salary are you contributing to your company-sponsored plan this year? (%)
All Workers Currently Participating in a 401(k) or Similar Plan

Save >10 Percent
= 49%

35
29
22
14

1 to 5%6 to 10%11 to 15%

WORKER BASE: 23RD ANNUAL SURVEY - CURRENTLY PARTICIPATES IN QUALIFIED PLAN
Q601. What percentage of your salary are you saving for retirement through your company-sponsored plan this year?

>15%

109

“Super Savers” by Generations“Super savers” are workers who participate in a 401(k) or similar retirement plan and contribute more than 10%of their salaries into the plan. Super savers are commonly found across generations, 63% of Generation Z, 52% ofMillennials, 43% of Generation X, and 42% of Baby Boomers.

What percentage of your salary are you contributing to your company-sponsored plan this year? (%)
By Generation
Generation Z

20

1 to 5%

Millennials

Save >10 Percent= 63%

Save >10 Percent
= 52%

53

40

22

17

26
12

10

6 to 10%11 to 15%

>15%

1 to 5%6 to 10%

Generation X

33

0 to 5%27
16

6 to 10%11 to 15%

>15%

Baby Boomers

Save >10 Percent
= 43%

23

11 to 15%

>15%

Save >10 Percent
= 42%
37
21

1 to 5%17

6 to 10%11 to 15%

25

>15%

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - CURRENTLY PARTICIPATES IN QUALIFIED PLAN
Q601. What percentage of your salary are you saving for retirement through your company-sponsored plan this year?

110Matching Contribution Offered by Employer
Among those who are offered a 401(k) or similar plan, most workers (82%) are offered a matching contribution
as part of the plan. Generation X, Millennials, and Baby Boomers are more likely to say they are offered amatching contribution than Generation Z (85%, 83%, 82%, 70%, respectively). However, 11% of Generation Z
workers are not sure if they are offered a matching contribution, illustrating an opportunity for employers andplan sponsors to raise awareness of this important benefit.

Matching Contribution Offered by Employer (%)

All Workers

82

Generation Z

12

70

19

6

11

Millennials

83

11

6

Generation X

85

11

4

Baby Boomers

82

14

5

Yes

No

Not Sure

Note: Results may not total to 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY – CURRENTLY OFFERED QUALIFIED PLAN
Q630. Does your company offer you, personally, a matching contribution as part of its 401(k), 457 (b), or other company-sponsored retirement plan?

111

Professionally Managed Account Usage“Professionally managed” accounts include model portfolio services, strategic allocation funds, managed
account services and/or target date funds. Most plan participants (69%) use a professionally managed
offering in their 401(k) or similar plans, including 27% who use model portfolios, 25% who use strategic
allocation funds, 24% who use managed account services, and 23% who use target date funds.

What is your current approach to investing in your employer-sponsored retirement plan? (%)
NET – Uses a Type of Professionally Managed Account
All Workers: 69%
36

27

25

24

23
10

I invest in a model portfolio
I invest in a strategic
I use a managed account I invest in a target date fund I set my own asset allocationthat uses the funds in the
allocation fund that isservice where I do not make that is designed to change
percentages among theretirement plan lineup to
designed to address myinvestment or allocation
allocation percentages as I
available funds.
meet my target retirement specific risk tolerance profile.
decisions.
approach my target
date and/or my risk tolerance
retirement year.
profileWORKER BASE: 23RD ANNUAL SURVEY - THOSE PARTICIPATING IN A QUALIFIED PLAN
Q1466. What is your current approach to investing in your employer-sponsored retirement plan? Select all.

Not sure112

Professionally Managed Account Usage by Generation
Among those participating in a 401(k) or similar plan, Generation Z and Millennials are more likely to use one
or more types of professionally managed accounts than Generation X and Baby Boomers (80%, 74%, 65%,58%, respectively). However, the proportion of plan participants who set their own asset allocation percentage
among the available funds is generally similar across generations albeit with older generations, including
Baby Boomers, Generation X, and Millennials, being slightly more likely to do so than Generation Z (42%,37%, 35%, 29%).
What is your current approach to investing inyour employer-sponsored retirement plan? (%)

Generation Z

NET – Uses a Type of Professionally Managed AccountMillennials

80

I invest in a model portfolio that uses the funds in theretirement plan lineup to meet my target retirement
date and/or my risk tolerance profile.

Generation X

74

39

Baby Boomers

65

58

32

21

16

I invest in a strategic allocation fund that is designed
to address my specific risk tolerance profile.

30

30

21

15

I use a managed account service where I do not makeinvestment or allocation decisions.

24

26

21

21

I invest in a target date fund that is designed tochange allocation percentages as I approach my target
retirement year.

31

27

21

I set my own asset allocation percentages among the available
funds.

29

Not sure

11

WORKER BASE: 23RD ANNUAL SURVEY - THOSE PARTICIPATING IN A QUALIFIED PLAN
Q1466. What is your current approach to investing in your employer-sponsored retirement plan? Select all.

35

10

13

37

10

42

8

113

Tapping Into Retirement Savings
A concerning percentage of workers are tapping into their retirement savings before they retire. Thirty-sevenpercent of workers have taken a loan, early withdrawal, and/or hardship withdrawal from their 401(k) orsimilar plan or IRA, including 30% who have taken a loan and 21% who have taken an early and/or hardshipwithdrawal. Almost one in five workers (19%) have taken a loan and paid it back in full, while 10% have taken
a loan and are paying it back, and 8% have taken a loan and were unable to pay it back. Generation Z is
somewhat more likely than Millennials, Generation X, and Baby Boomers to have taken an early and/or
hardship withdrawal (28%, 24%, 19%, 12%, respectively).
Taken Loan, Early Withdrawal, Hardship Withdrawal (%)

All Workers

Gen Z

Millennials

Gen X

Baby Boomers

TOTAL NET – Have Taken a Loan, Early Withdrawal, and/or Hardship Withdrawal From
401(k) or Similar Plan or IRA

37

40

41

37

24

NET – Have Taken a Loan

30

30

34

30

19

NET – Have Taken an Early and/or Hardship Withdrawal

21

28

24

19

12

Yes, I have taken a loan from a 401(k) or similar plan and paid it back in full

19

16

22

20

13

Yes, I have taken a loan from a 401(k) or similar plan and am paying it back

10

12

12

9

5

Yes, I have taken a hardship withdrawal and incurred taxes and penalties

9

14

11

8

3

Yes, I have taken a loan from a 401(k) or similar plan but was unable to pay it back so
it became an early withdrawal and incurred taxes and penalties

8

12

10

8

3

Yes, I have taken an early withdrawal and cashed out a portion or all of a 401(k) orsimilar plan balance after my separation of employment from a prior employer andincurred taxes and penalties

8

11

10

7

3

Yes, I have taken an early withdrawal and cashed out a portion or all of an IRA andincurred taxes and penalties

5

5

5

3

5

No, I have never taken a loan or early withdrawal from a 401(k) or similar plan or IRA

58

51

54

60

72

Not sure

5

9

5

4

4

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q754X1. Have you ever taken any form of loan or early withdrawal from a qualified retirement account such as a 401(k) or similar plan or IRA? Select all.

114

Reasons for Taking 401(k) Loans
Among those who have taken a loan from their 401(k) or similar plan, the most frequently cited reason for doing
so is a financial emergency (31%). Three in 10 workers cite paying off debt (30%), including credit card debt(29%) and/or other debt (1%). Other reasons include everyday expenses (26%), medical bills (25%), home
improvements (23%), the purchase of a vehicle (19%), and unplanned major expenses (19%). One in three
Generation Z workers (33%) cited medical bills, compared with Millennials, Generation X, and Baby Boomers(33%, 26%, 21%, 15%, respectively). Approximately one in four Millennials and Generation Z cited home
improvements, compared with Generation X and Baby Boomers (28%, 28%, 17%, 14%).
Reasons for Taking Loan From Retirement Plan (%)

All Workers

Gen Z

Millennials

Gen X

Baby Boomers

A financial emergency

31

29

33

26

39

NET- Paying Off Debt

30

34

29

29

35

Pay off credit card debt

29

34

28

26

33

Pay off other debt

1

<1

1

3

2

Everyday expenses

26

25

25

29

16

Medical bills

25

33

26

21

15

Home improvements

23

25

28

17

14

Unplanned major expenses (e.g., home or car repair, etc.)

19

15

19

22

17

Purchase of a vehicle

19

19

22

14

16

Purchase of primary residence

17

13

19

17

14

College tuition

15

18

17

11

7

Avoid eviction

15

18

15

15

5

Burial or funeral expense

12

19

14

4

12

Some other purpose

14

21

14

11

12

Note: Percentages reported for Generation Z and Baby Boomers should be considered directional due to a small sample base.
WORKER BASE: 23RD ANNUAL SURVEY - THOSE WHO HAVE TAKEN A LOAN (Total N=1,002, Gen Z N=125; Millennials N=513; Gen X N=282; Baby Boomers N=81)
Q659. For what purpose(s) did you take out a loan(s)? Select all.

115

Reasons for Hardship Withdrawals From 401(k)sAmong those who have taken a hardship withdrawal from a 401(k) or similar plan, the reasons for doing so
include paying for certain medical expenses (17%), payments to prevent eviction from one’s principal residence(16%), expenses and losses incurred due to a disaster in a federally declared disaster area (15%), payment oftuition and related educational fees (14%), cover costs related to purchase of a principal residence (13%),
expenses for qualified repairs to damage of principal residence (12%), and burial or funeral expenses (6%).
Primary Reason for Hardship Withdrawal (%)

All Workers

Pay for certain medical expenses for you, your spouse, children, dependents, or primary beneficiaries under the plan

17

Payments to prevent your eviction from your principal residence

16

Expenses and losses (including loss of income) incurred due to a disaster located in a federally declared disaster area that
included your principal residence or principal place of employment

15

Payment of tuition and related educational fees for the next 12 months of post-secondary education for you, your
spouse, children, dependents, or primary beneficiaries under the plan

14

Cover the costs related to the purchase of a principal residence

13

Expenses for repairs of damage to your principal residence that would qualify for the casualty deduction under theInternal Revenue Code

12

Burial or funeral expenses for your spouse, children, dependents, or primary beneficiaries under the plan

6

Other

6

Note: Sample sizes by generation are too small to report for this survey question.

WORKER BASE: 23RD ANNUAL SURVEY - THOSE WHO HAVE TAKEN A HARDSHIP WITHDRAWAL(Total N=544, Gen Z N=68; Millennials N=303; Gen X N=142; Baby Boomers N=31)
Q1465. What is the primary reason you have taken a hardship withdrawal from your employee-funded retirement savings plan?

116

The Employee Benefits Gap
In addition to retirement benefits, health and welfare benefits can enhance workers’ financial security. They canbring insurance protections, mitigate out-of-pocket healthcare expenses, provide the possibility of additional
resources in a time of need, and offer wellness support. Most workers value these benefits. However, major gaps
exist between the percentage of workers who feel they are important and those who are offered them by theiremployers. The widest gaps are critical illness insurance, cancer insurance, long-term insurance, and financial
wellness programs. This represents an opportunity for employers to increase the competitiveness of theircompensation and benefits packages, while helping their employees achieve greater long-term financial security.
All Workers (%)
Important (NET) –Very/Somewhat
ImportantOffered by
Employer

The Gap: Importancevs. Offered

Health Insurance

95

74

-21

Life Insurance

85

53

-32

Long-Term Care Insurance

81

26

-55

Disability Insurance

80

38

-42

Critical Illness Insurance

77

20

-57

Financial Wellness Program

77

24

-53

Employee Assistance Program

72

35

-37

Workplace Wellness Program

70

30

-40

Cancer Insurance

67

11

-56

Pet Insurance

38

11

-27

Type of Employee Benefit

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1170. For each of the following, please tell us how important that benefit is to you, personally.
Q1175. Which of the following does your company offer to you, personally? Select all.

117

The Employee Benefits Gap by Generations
The employee benefits gap is persistent across generations ranging from health insurance, life insurance, longterm care insurance, disability insurance, and critical illness insurance to financial wellness programs,
employee assistance programs, workplace wellness programs, cancer insurance, and pet insurance. Acrossgenerations, these gaps in coverage present opportunities for innovating and expanding employee benefits tobetter meet their needs.
Generation Z (%)
Type of
Employee
BenefitMillennials (%)

Generation X (%)

Baby Boomers (%)

NET
ImportantOfferedby
Employer

The Gap:
Importancevs. Offered

NET
ImportantOfferedby
Employer

The Gap:
Importancevs. Offered

NET
ImportantOfferedby
Employer

The Gap:
Importancevs. Offered

NET
ImportantOfferedby
Employer

The Gap:
Importancevs. Offered

HealthInsurance

91

64

-27

95

75

-20

94

78

-16

96

73

-23

Life Insurance

88

43

-45

90

54

-36

84

57

-27

73

57

-16

Long-Term
Care
Insurance

83

21

-62

84

28

-56

83

28

-55

73

25

-48

Disability
Insurance

77

28

-49

81

33

-48

82

47

-35

77

47

-30

Critical Illness
Insurance

79

16

-63

82

23

-59

76

21

-55

66

15

-51

81

26

-55

83

28

-55

74

21

-53

64

19

-45

73

32

-41

82

38

-44

72

33

-39

51

32

-19

77

29

-48

79

34

-45

65

27

-38

52

27

-25

CancerInsurance

78

14

-64

73

12

-61

65

9

-56

52

10

-42

Pet Insurance

57

12

-45

46

11

-35

32

10

-22

18

7

-11

Financial
Wellness
Program
Employee
Assistance
Program
WorkplaceWellness
Program

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1170. For each of the following, please tell us how important that benefit is to you, personally.
Q1175. Which of the following does your company offer to you, personally?

118

Retirement Planning & Expertise119

Estimated Retirement Savings Needs
Workers estimate they will need $500,000 (median) by the time they retire in order to feel financially secure.
Estimated needs vary by generation with Baby Boomers estimating they will need $750,000, Generation X
and Millennials estimating $500,000, and Generation Z estimating $250,000 (medians). Approximately one
in five workers across generations estimate they will need to save $2,000,000 or more including Baby
Boomers (24%), Generation X (22%), Millennials (21%), and Generation Z (17%).

Estimated Retirement
Savings Needs

All Workers

Generation Z

Millennials

Generation X

Baby Boomers

Less than $100k

20%

30%

24%

16%

10%

$100k to less than $500k

23%

27%

23%

23%

19%

$500k to less than $1m

18%

15%

16%

19%

25%

$1m to less than $2m

18%

12%

16%

20%

22%

$2m or more

21%

17%

21%

22%

24%

Median(including $0)$500,000$250,000$500,000$500,000$750,000

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q890. Thinking in terms of what money can buy today, how much money do you believe you will need to have saved by the time you retire in orderto feel financially secure?

120

Basis of Estimated Retirement Savings Needs
Among those providing an estimate, 45% of workers said they guessed the amount they need to save forretirement. Some workers estimated their needs are basing them on current living expenses (36%), using acalculator or completed worksheet (21%), and basing them on expected earnings on investments (20%).
Approximately four in 10 workers across generations including Generation Z, Millennials, Generation X, and Baby
Boomers guessed their needs (45%, 46%, 46%, 40%, respectively), while approximately one in five workers used aretirement calculator or completed a worksheet (20%, 23%, 18%, 23%), and even fewer workers based theirestimate on an amount given to them by a financial advisor (15%, 15%, 11%, 11%).
Basis of Estimating Retirement Savings Goal (%)
All Workers
Guessed

45

46

46

40

Generation Z

Millennial

Generation X

Baby Boomer

45

Estimated based on current living
expenses36

NET – Used a calculator or completed
worksheet21
NET – Used a Retirement Calculator or Completed
Worksheet (%)

14

Used a retirement calculator

20

23

18

23

Generaton Z

Millennial

Generation X

Baby Boomer

10Completed a worksheet

20

Expected earnings on investments
Amount given to me by financial
advisor13

Read/heard that is how much isneeded13

Other

Guessed Retirement Savings Needs (%)

Amount Given By a Financial Advisor (%)
15

15

11

11

Generation Z

Millennial

Generation X

Baby Boomer

3

WORKER BASE: 23RD ANNUAL SURVEY - PROVIDED ESTIMATE OF MONEY NEEDED FOR RETIREMENT
Q900. How did you arrive at that number? Select all.

121

Financial Strategy for Retirement
Seventy-two percent of workers have a financial strategy for retirement including 29% who have a written planand 43% with an unwritten plan. Millennials are significantly more likely to have a written plan, compared with
Baby Boomers, Generation Z, and Generation X (34%, 27%, 25%, 24%, respectively). Of concern, among
generations closest to retirement, 31% of Generation X and 26% of Baby Boomers do not have any financial
strategy for retirement.
How would you describe your financial strategy for retirement? (%)
Workers by Generation

All Workers
NET – Have a Plan

NET – Have a Plan: 70%

72%
Generation Z

28

25

45

30

29
NET – Have a Plan: 74%

Millennials

34

40

26

NET – Have a Plan: 69%

Generation X

45

31

NET – Have a Plan: 74%

43
Baby Boomers

Have a Written Plan

24

Have a Plan but Not Written Down

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1155. Which of the following best describes your financial strategy for retirement?

27

47

26

Do Not Have a Plan

122

Backup Plan if Retirement Comes Unexpectedly
Only 34% of workers have a backup plan for retirement income if they are forced into retirement before they are
ready. Generation X workers are less likely than Baby Boomer, Millennial, and Generation Z workers to have a
backup plan (28%, 34%, 37%, 40%, respectively). Of concern, more than half of Baby Boomer (53%) and
Generation X workers (62%) do not have a backup plan for retirement income.

Have a Backup Plan if Retire Sooner Than Expected (%)
Workers by Generation

All Workers
Generation Z

40

46

15

Millennials

37

52

11

12

34

Generation X

54

28

Baby Boomers

Yes

No

34

62

10

53

13

Not Sure

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1535. Do you have a backup plan for income if you are forced into retirement before you are ready to retire?

123

Limited Understanding of Asset Allocation Principles
Only 35% of workers have “a great deal” or “quite a bit” of understanding of asset allocation principles as
they relate to retirement investing, including 13% who know “a great deal” and 22% who know “quite a bit.”Millennials and Generation Z are more likely to have “a great deal” or “quite a bit” of understanding, than
Generation X and Baby Boomers (41%, 40%, 31%, 30%, respectively). Of concern, one in four workers (25%)
indicate they have no understanding of asset allocation principles.
How much of an understanding do you have regarding asset allocation principles as they relate to retirement investing? (%)
All Workers

Workers by Generation

NET – A Great
Deal/ Quite a Bit

NET – A Great Deal/ Quite a Bit: 40%

35%
13

Generation Z

11

29

38

23

25
NET – A Great Deal/ Quite a Bit: 41%

22

Millennials

18

23

37

22

NET – A Great Deal/ Quite a Bit: 31%

Generation X

11

20

41

28

NET – A Great Deal/ Quite a Bit: 30%

40
Baby Boomers

A Great Deal

Quite a Bit

10

Some

20

44

26

None

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q760. How much of an understanding do you have regarding asset allocation principles as they relate to retirement investing?

124

Lack of Knowledge About Retirement Investing
Sixty-three percent of workers do not know as much as they should about retirement investing, including
24% who strongly agree and 39% who somewhat agree. Younger generations, including Generation Z,
Generation X, and Millennials, are more likely than Baby Boomers to feel they don’t know enough about
retirement investing (73%, 64%, 61%, 54%, respectively).
“I do not know as much as I should about retirement investing.” (%)
NET – Agree24

All Workers

39

Generation Z

29

Millennials

25

36

Generation X

25

39

Baby Boomers

Strongly Agree

15

23

44

39

Somewhat Agree

19

23

8

Somewhat Disagree

73%

15

61%

12

64%

24

26

63%

14

19

54%

Strongly Disagree

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q930. How much do you agree or disagree with each of the following statements regarding retirement?
“I do not know as much as I should about retirement investing.”

125Preference to Not Think About Retirement Investing Until Later
Forty-two percent of workers agree with the statement, “I prefer not to think about or concern myself withretirement investing until I get closer to my retirement date,” including 13% who strongly agree and 29% who
somewhat agree. Generation Z and Millennials are more likely to agree with this statement than Generation X
and Baby Boomers (56%, 47%, 40%, 25%, respectively).

“I prefer not to think about or concern myself with retirement investing until I get closer to my retirement date.” (%)
NET – Agree
13

All Workers
Generation Z

19

Millennials

15

Generation X

13

Baby Boomers

Strongly Agree

6

29

28

37

28

32

19

15

27

27

26

29

30

Somewhat Agree

42%

29

32

47%

40%

25%

45

Somewhat Disagree

56%

Strongly Disagree

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q930. How much do you agree or disagree with each of the following statements regarding retirement?
“I prefer not to think about or concern myself with retirement investing until I get closer to my retirement date.”

126

Saver’s Credit Awareness
The Saver’s Credit is a tax credit for eligible taxpayers who save for retirement in a qualified retirement
plan, IRA, or ABLE account. Fewer than half of workers (49%) are aware of the Saver’s Credit. Generation Z
and Millennials are more likely to be aware of the Saver’s Credit than Generation X and Baby Boomers(57%, 57%, 43%, 32%, respectively).

Awareness of the Saver’s Credit
Yes (%)
57

57

49
43
32

All Workers

Generation Z

Millennials

Generation X

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1120. Are you aware of a tax credit called the ’’Saver’s Credit,’’ which is available to individuals and households, who meet certain income
requirements, for making contributions to an IRA or a company-sponsored retirement plan such as a 401(k) plan or 403(b) plan?

Baby Boomers

127Level of Understanding About Social Security Benefits
Only 24% of workers know “a great deal” about Social Security benefits ― and even fewer among age 50
plus workers (21%) know “a great deal” about them. Moreover, among age 50-plus workers who expect torely on Social Security as their primary source of income in retirement, only 21% know a “great deal” about
Social Security benefits.

Level of Understanding re: Social Security Benefits (%)
Age 50+ Workers

All Workers

Age 50+ Workers Who Expect to Rely on
Social Security

7

9

9
21

24

21

40

38

39

32

33

29

A Great Deal

Quite a Bit

Some

None

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1540. How good of an understanding do you have of Social Security?

128

Level of Understanding About Medicare Benefits
Only 20% of workers know “a great deal” about Medicare benefits ― and even fewer among age 50-plus
workers (16%) know “a great deal” about them. Concerningly, only 18% of Baby Boomer workers, thegeneration that is nearing eligibility at age 65 and/or are already eligible, know a “great deal” about
Medicare benefits.

Level of Understanding re: Medicare Benefits (%)
Age 50+ Workers

All Workers

15

14

20

Baby Boomer Workers

8

16

18

25

44
25

30

40

45

A Great Deal

Quite a Bit

Some

None

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1540. How good of an understanding do you have of Social Security?

129Frequency (or Infrequency) of Conversations About Retirement
Fewer than one in four workers (22%) frequently discuss saving, investing, and planning for retirement with family
and close friends, while 56% occasionally discuss it, and 22% never discuss it. Millennials and Generation Z are
more likely than Baby Boomers and Generation X to frequently discuss it (26%, 27%, 17%, 16%, respectively). A
significant proportion of Generation X and Baby Boomers never discuss it (27%, 25%).

How frequently do you discuss saving, investing, and planning for retirement with family and close friends? (%)
Workers by Generation
All Workers
NET – Discuss: 81%

NET – Discuss

78%
22

Generation Z

22

26

55

19

55

18

NET – Discuss: 82%
Millennials

27
NET – Discuss: 73%

Generation X

16

57

27

59

25

NET – Discuss: 76%
56

Frequently

Baby Boomers

17

Occasionally

Never

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q1515. How frequently do you discuss saving, investing and planning for retirement with family and close friends?

130

Familiarity with Spouse/Partner’s Retirement Plan & Savings
Among those who are married or living with a partner, three in four workers (75%) are familiar with theirspouse/partner’s retirement plan and savings, including 46% who are very familiar and 29% who aresomewhat familiar. Millennials and Baby Boomers are somewhat more likely than Generation X andGeneration Z to be familiar with their spouse’s or partner’s retirement savings (79%, 77% 73%, 67%,
respectively).
Level of Familiarity with Spouse's/Partner's Retirement Savings (%)
All Workers

Workers by Generation
NET – Familiar: 67%

NET – Familiar

75%

Generation Z

11
5

26

41

15

7

12

NET – Familiar: 79%

Millennials

8
46

47

32

9

4

8

NET – Familiar: 73%

Generation X

44

29

9

6

12

4 4

14

NET – Familiar: 77%

29
Baby Boomers

Very Familiar

Somewhat Familiar

Not Too Familiar

54

Not At All Familiar

23

My spouse/partner doesn’t
have any retirement savings

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - MARRIED OR LIVING WITH PARTNER
Q1520. How familiar are you with your spouse’s or partner’s retirement plan and savings?

131

Desire for More Advice on Reaching Retirement Goals
More than two in three workers (67%) would like more information and advice from their employers on how
to reach their retirement goals. This desire is greatest among Millennials and Generation Z, and to a lesser
extent among Generation X and Baby Boomers (73%, 71%, 65%, 49%, respectively).

“I would like to receive more information and advice from my employer on how to reach my retirement goals.” (%)
NET – Agree

All Workers

24

Generation Z

27

Millennials

29

Generation X

Baby Boomers

Strongly Agree

43

44

44

21

13

20

44

36

Somewhat Agree

21

8

71%

17

9

73%

20

26

Somewhat Disagree

67%

14

15

25

65%

49%

Strongly Disagree

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q930. How much do you agree or disagree with each of the following statements regarding retirement?
“I would like to receive more information and advice from my employer on how to reach my retirement goals.”132

Preference for Outside Experts to Manage Retirement Savings
More than half of workers (57%) agree they would prefer to rely on outside experts to monitor and manage
their retirement savings plan, including 16% who strongly agree and 41% who somewhat agree. Thispreference is shared across generations, including 56% of Generation Z, 60% of Millennials, 57% ofGeneration Z, and 52% of Baby Boomers.
“I would prefer to rely on outside experts to monitor and manage my retirement savings plan.” (%)
NET – Agree

All Workers

16

41

27

16

57%

Generation Z

15

41

29

14

56%

Millennials

19

25

14

60%

Generation X

15

16

57%

Baby Boomers

13

Strongly Agree

41

42

39

Somewhat Agree27

27

Somewhat Disagree

21

52%

Strongly Disagree

Note: Results may not total 100% due to rounding.
WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q930. How much do you agree or disagree with each of the following statements regarding retirement?
“I would prefer to rely on outside experts to monitor and manage my retirement savings plan.”133

Professional Financial Advisor Usage
More than one-third of workers (36%) use a professional financial advisor to help them manage their savings
and investments. Baby Boomers and Millennial workers are more likely to use an advisor than Generation X
and Generation Z (46%, 37%, 32%, 26%, respectively).

Do you currently use a professional financial advisor?
Yes (%)

46
37

36

32

26

All Workers

WORKER BASE: 23RD ANNUAL SURVEY - ALL QUALIFIED RESPONDENTS
Q860. Do you currently use a professional financial advisor?

Generation Z

Millennials

Generation X

Baby Boomers

134Appendix

135

23rd Annual Survey: A Portrait of Workers by Generation
Characteristics
Age
Gender*Marital Status

Employment Status
Educational
Attainment
Annual Household
IncomeEmployer Size

LGBTQ+ Status

Race/Ethnicity

Urbanicity

MedianMale
FemaleTransgender
Married/Living with partner
Divorced/Separated/Widowed
Never married
Full TimePart TimeLess than college degree
College degree or more
Less than $50,000$50,000 to $99,999$100,000+
Prefer Not to Answer
Estimated Median
Small (1 to 99 employees)
Medium (100 to 499 employees)
Large (500 or more employees)
LGBTQ+
Did not identify as LGBTQ+
Decline to Answer
WhiteBlack/African American
Asian/Pacific Islander
Hispanic
Other
Urban
Suburban
Rural

All Workers (%)
n=5,725

Gen Z (%)
n=601

Millennials (%)
n=2,475

Gen X (%)
n=1,748

Baby Boomers (%)
n=879

40 years
54
45
1
52
13
35
88
12
63
37
18
32
49
2
$87,000
37
18
45
10
89
1
60
11
6
19
3
37
46
17

22 years
52
47
1
22
4
75
73
27
88
12
28
33
34
5
$65,000
48
17
34
21
78
2
35
16
6
38
4
42
44
14

33 years
56
44
1
51
8
41
93
7
60
40
19
32
47
2
$84,000
35
19
46
10
88
1
55
13
7
23
3
47
37
16

49 years
55
44
1
58
21
21
92
8
61
39
16
33
51
1
$90,000
35
18
47
8
91
1
67
10
6
14
3
31
51
18

62 years
53
47
<1
68
19
13
83
17
54
46
10
28
61
2
$114,000
37
17
46
6
94
1
81
6
5
6
2
20
59
21

Note: Results may not total to 100% due to rounding.
* Gender: Responses 1% or less for "Other" and "Prefer not to answer" are not shown.

1362938456

07/23