Affording retirement is the most significant financial concern of New Jersey residents. That’s the key finding from the recent Kearny Bank Personal Finances Poll, an online survey conducted recently by Fairfield-based Kearny Bank.
With 1006 responses collected, the survey indicates that more than one quarter of respondents (27.2%) consider being able to afford retirement their most pressing financial worry. Other frequently cited issues include Healthcare (17.4%), Housing (12.8%), and Daily expenses/inability to save (12.6%). Of note, “Other” – which incorporates a range of issues faced by New Jersey residents – was selected most frequently by 16.7% of those completing the survey. Rounding out the survey are Education (10.7%) and Transportation (2.7%).
While Retirement is the most significant overall concern, those in the 18-34 age range cited Housing as their main issue (20.4%). At the other end of the age spectrum, respondents in the 65+ category have Healthcare (33.3%) as their top answer. Retirement is the most frequent response by those in the 35-44, 45-54, and 55-64 age categories, as well as for women (29%) and men (25.2%).
“With most respondents expressing concern about ability to retire, and our youngest adult residents unsure about finding affordable housing, a worrisome synergy appears to be at play,” says Eric Kesselman, 1st vice president / director of marketing for Kearny Bank. “Our state needs to effectively address the needs of those leaving the workforce, as well as those just entering it, or there could be decidedly negative economic repercussions.”
Fielded during June 24-26, 2019 and utilizing the Google Surveys platform, this first-ever Kearny Bank Personal Finances Poll was exclusive to New Jersey residents. Google Surveys utilizes two panels of respondents – internet users reading content on a network of web publishers utilizing Google Opinion Rewards for Publishers and smartphone users who have downloaded and signed up for the Google Opinion Rewards app. Additional details on the methodology of Google Surveys is available in this whitepaper.
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