The Center for Retirement Research at Boston College has released a new Issue in Brief:
“Are Americans of All Ages and Income Levels Shortsighted
About Their Finances?”
by Steven A. Sass and Jorge D. Ramos-Mercado
The brief’s key findings are:
- A recent CRR analysis of a FINRA survey found that financial satisfaction depends much more on meeting day-to-day, rather than distant, needs.
- This study explores whether households of all ages and income levels are also shortsighted.
- The results confirm that distant needs, like retirement saving, consistently take a back-seat to more immediate concerns.
- The results underscore the importance of making it easy and automatic for Americans to save for distant goals that may otherwise receive little attention.
This brief is available here.