A survey of 2,000 employed Americans found that when thinking about saving for the future, a five-year plan simply isn’t going to cut it.
Nearly three-quarters of respondents said the five-year plan is less achievable today than ever before (74%) because of rising household expenses (59%), inflation (49%) and school debt (43%).
Interestingly, Gen Z (53%) are just as worried as Baby Boomers (54%) about whether or not they’ll receive Social Security benefits, citing that this makes the five-year plan less achievable to them.
Conducted by OnePoll for SurePayroll for National 401(k) Day, the survey also found that when thinking about their financial future, 55% of Americans said they need to reconsider what qualifies as a “necessity” to put more money toward retirement.
To get a head start on saving money for the future, 57% are already saving for retirement.
And to help reach their goals, nearly four in 10 would take a second job to help put money towards their future (39%).
Others would prioritize necessary purchases and cut down on impulse spending (48%) while another 46% would work extra hours at their job.
Originally published by Talker News