However, according to a new survey, workers say that given their choice of benefit options, they would rather have a reinforced 401 (k) match rather than a raise.
Eighty percent of respondents agree that the traditional notion of retirement no longer matches most people’s expectations or experiences, while three-quarters (75%) say their future financial goals and plans are different today than they were five years ago. In fact, this new survey shows that for most (82%) retirement now feels like “fewer cutters than it used to” – and most imagine that their financial future will be different from that of their grandparents (65%) , Parents (56%). and children (56%).
According to Franklin Templeton’s Voice of the American Worker Survey, the vast majority recognize that “retirement is different for everyone today” (88%) and “there is no single path to retirement today” (82%) than 8 10 believe that “The traditional idea of retirement no longer corresponds to the expectations or experiences of most people”.
Workers named their top financial milestones today as financial freedom (76%) and financial independence (74%), saying “‘financial independence’ feels stronger to me than ‘retirement'” (81%).
Financial independence is also a stronger indicator of accomplishment in the 21st century as it is more related to the “ability to do what I want” (73% versus 57% for retirement), “a home” (72%, 39% retired). and “not dependent on a paycheck” (70%, 40% retirement).
Retirement, on the other hand, is most often associated with “free time” (72%, 46% financial independence) and “old age” (66%, 22% financial independence). Likewise, financial independence is more likely to be associated with feelings of success, happiness, and fulfillment, while retirement is more “relaxing” and “boring”.
Women find financial independence particularly attractive (81%, 68% men) and are more likely to associate it with peace of mind and new experiences.
More than half (57%) say their financial well-being is not just a number; it relates to their health and lifestyle and not primarily money (43%).
And three quarters of workers would like their workplace to devote more resources to improving their overall financial well-being, believing that their employer should encourage good financial (79%) and health (78%) habits. In fact, as noted above, workers want employers to improve their long-term financial health versus instant monetary gains, saying that given their range of benefit options, they would rather have an elevated 401 (k) match than a raise.
Almost all (9 out of 10) are also looking for tools to visualize their future and optimize their wellbeing, with planning tools and resources being the most important options – with those aimed at achieving financial independence (35%) and long-term and short-term financial goals side by side (35%) at the top of the wish list.
The first survey conducted by The Harris Poll on behalf of Franklin Templeton is related to Franklin Templeton’s Retirement Innovation Initiative (RII), which was launched in January 2020 with the aim of improving retirement in the United States. This study was carried out by The Harris Poll on. Conducted on behalf of Franklin Templeton from October 16-28, 2020 among 1,007 employed adults in the United States. All of the respondents had some form of old-age provision. The data are weighted as necessary to bring them into line with their actual proportions of the population. This online survey is not based on a probability sample and therefore an estimate of the theoretical sample error cannot be calculated.
See also: Is It Time To Retire?