The Center for Retirement Research at Boston College has released a new Issue in Brief:
“Dog Bites Man: Americans Are Shortsighted About Their Finances”
by Steven A. Sass, Anek Belbase, Thomas Cooperrider,
and Jorge D. Ramos-Mercado
The brief’s key findings are:
- Americans need to save more on their own for retirement, but human nature suggests they will focus more on day-to-day financial needs.
- Analysis of a recent survey confirms that a household’s level of financial satisfaction is tied more to short-term – rather than long-term – concerns.
- Even households that are in reasonable shape in the short term do not seem to focus more on distant concerns like retirement saving.
- And households that are more financially literate appear only modestly more attuned to long-term financial issues.