A new survey from BlackRock reveals a significant proportion of American voters feel unprepared for retirement, with one-third of respondents reporting no savings.
The findings come as the asset management firm and the Bipartisan Policy Center convene leaders in Washington to discuss potential solutions.
The survey, conducted by Public Opinion Strategies, polled 1,000 registered voters and highlighted widespread financial concerns. More than half of respondents – 56 percent – reported worrying about their personal finances at least once a day, while 51 percent said they fear running out of money in retirement more than they fear death.
"Fewer than one in three Americans believe they have the tools they need to save for retirement," Larry Fink, BlackRock chairman and CEO, said in a statement Monday.
BlackRock's survey also uncovered a gap between retirement savings expectations and people's financial reality. While Americans believe they will need an average of $2.089 million for a secure retirement, 33 percent reported having no savings at all. That trend was led by certain key demographic groups, including:
Among Gen X respondents, 62 percent reported having less than $150,000 in their nest egg. More broadly, BlackRock's survey found seven in 10 respondents (69 percent) haven't even got $150,000 set aside for retirement.
Voter sentiment also suggests a growing demand for policy action. Eighty percent of respondents said Congress and the administration should prioritize legislation to help Americans save for retirement. However, only 28 percent believe the current system provides adequate tools and resources to working individuals.
In a separate poll of Democrats and Republicans, the Pew Research Center found economic issues topped the list of concerns for both cohorts at the start of President Donald Trump's second term. Those include the role of money in politics (72 percent), the affordability of health care (67 percent), inflation (63 percent) and the federal budget deficit (57 percent).
Alongside its retirement study, BlackRock said it is bringing together a symposium of elected officials, corporate leaders, and other stakeholders for a retirement summit in Washington, DC. The Summit, scheduled next month in partnership with the Bipartisan Policy Center, is expected to draw more than 250 industry leaders, policymakers, and executives.
"With Americans living longer than ever, lawmakers must prioritize policy that supports personal savings," said Margaret Spellings, president and CEO of the Bipartisan Policy Center. "BPC has long championed such efforts and will continue working with leaders of both parties to ensure all Americans have access to tools and resources to enjoy financial security in their golden years."
More than half of BlackRock's AUM is in the retirement space, according to the asset management giant, including $16 billion that has accumulated in its LifePath Paycheck target-date solution for DC plans, which it unveiled last year. In an effort to bolster its leadership in the retirement savings space, the firm has named Jaime Magyera as its senior sponsor for retirement, a role focused on advancing retirement solutions and partnerships.
"As more Americans live longer, many are seeking ways to redefine what that next chapter means for them – and how they will afford it," Magyera said. "I am excited to help the firm use our convening power to meet this moment, and to support ongoing innovation that empowers Americans to live longer lives, better – with optimism, impact, and security."
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