Dive Brief:
- No matter which side of the aisle you sit on, retirement planning creates angst equally between democrats and republicans, according to Employee Benefits News.
- A recent study by Lincoln Financial Group found both Democratic and Republican voters are worried about their financial futures. They also agree on the things they need to do to ensure they are ready for retirement.
- The study, “Narrowing the Generation Gap: Focus on Retirement,” found that 92% of both Democrats and Republicans don’t want to have to work in retirement, but just 26% of Democrats and 25% of Republicans feel they have planned well enough to reach that goal.
Dive Insight:
Oddly enough, 83% of Democrats and 80% of Republicans are optimistic about their financial futures. That begs the question of how to bridge the gap between optimism and lack of confidence, according to Jamie Ohl, president, Retirement Plan Services, at Lincoln Financial Group.
Ohl recommends working with an adviser as one way to get there, and 90% of both parties are in sync, reporting that they believe working with an adviser increases their financial security. Also, 64% of Democrats and 61% of Republicans agree that day-to-day expenses make it tough to save for retirement, and 68% of Democrats and 70% of Republicans find it difficult and overwhelming to understand their retirement plan options.
Apart from showing that both red and blue voters can agree, the Lincoln Financial study underscores the need for financial wellness to gain momentum among employers and their workforces through new, emerging tools and strategies. For example, programs such as so-called "lifetime income solutions" are starting to percolate with HR and benefits leaders and there appears to be an uptick in retirement planning in general, according to recent research from Willis Towers Watson.