Nevada People Pessimistic About Retirement Savings

The people of Nevada are quite pessimistic about the retirement savings according to a new study. Some sections of society were more stressed about retirement than the others. The survey also highlighted that very few Nevada people felt that there were some opportunities to get financial security. These people also seemed positive about the economic conditions of the state.

Majority Leans Toward Fewer Retirement Savingsretirement savings

Slightly more than 50 percent Nevada people have accepted that they don’t think they have enough income to have good retirement savings that would allow them to have an ideal retirement. This was revealed in a poll which was conducted by Wells Fargo and USA Today. The same poll also highlighted that about 38 percent Nevadans were confident that they would have enough savings for retirement.

Different Confidence Level

The survey has also highlighted that some people in the society, especially senior citizens, women and the poor were more concerned about the retirement. About 60 percent of women and people who were over 55 years of age or older were not confident that they would enjoy an ideal standard of living in retirement. About 59 percent of people belonging to the low-income category also lacked the confidence.

All in all, only 1 in 5 Nevadans believed that there are opportunities to have financial security during retirement within the community.

Confidence in the Economy

While the respondents were not so confident about whether they would be able to save for retirement or not, they seemed confident that the economic conditions are and will be better. About 44 percent of the respondents said that the economic conditions in the state were fair while 38 percent stated that it was good or very good. Let’s see what the Nevadans think of the national economy. Just 19 percent of Nevadans had a positive impression of the national economy and about 39 percent termed it to be poor or very poor.

Positive Financial Situation in the Future

Nevadans also think that their financial situation is not better at the moment when compared to the national average. But they expressed hope that it would improve in a year from now. About 47 percent respondents acknowledged it. This optimism for the future is higher than the optimism expressed by the country as a whole.

Brian Bonnenfant who serves as the Project Manager at the University of Nevada stated that the pessimism about now and optimism about the future is not a new thing. It speaks to the extremely transient nature of the people of Nevada. He added that it is the typical Nevada demographic.

All in all, it can be said that the survey reveals that Nevadans need to ensure that they have better retirement savings and a positive approach towards their current financial situation.