New Survey Reveals Georgia Voters Support a Public-Private Retirement Savings Option

ATLANTA, Georgia – A majority of Georgia voters agree that state elected officials should make it easier for all workers to save out of their regular paycheck – no matter their political affiliation - 83% of Republicans, 87% of Independents, and 92% of Democrats—according to a new survey of Georgia voters ages 21-64, released by AARP today.

“AARP Georgia appreciates the leadership of Senator Chuck Hufstetler for sponsoring a solution that allows Georgia workers who do not have employer-sponsored retirement savings plans to save for retirement,” said Alice Bennett, AARP Georgia Associate State Director of Advocacy. “Our poll results speak to the anxiety that many have regarding their future financial security. This legislation has the potential to save Georgia taxpayers millions of dollars while helping all our workers achieve savings.”

More than half of Georgia’s private sector employees at all levels of earnings, education, and backgrounds—roughly 2 million people—work for an employer that does not offer either a traditional pension or a retirement savings plan. Without the ability to save, these Georgians face retirement unprepared for the future and at risk for reliance on public, taxpayer-funded programs.

“Work and Save makes so much sense,” said Romell Cooks, AARP Georgia Executive Council member and small businessowner. “This should be an easy way for everyone who works to save for retirement – plumbers, barbers, lawn workers, self-employed individuals, or anyone else who doesn’t have access to a 401K should be able to create their own retirement account and having a retirement account will make for better lives when they get older.”

A public-private retirement savings account would provide an easy, voluntary way for workers to set aside money out of their regular paycheck, which previous research has shown makes people 15 times more likely to save for retirement. Additionally, offering employees a straightforward way to save money means fewer Georgians will need to rely on public assistance programs in retirement—potentially saving Georgia taxpayers as much as $8 billion over the course of 20 years.

That’s why AARP Georgia is urging state lawmakers to support the creation of a public-private retirement savings option—overseen by the state and run by a private-sector financial services provider—that allows workers to easily save via voluntary payroll deduction. Employees would own their account and be able to contribute as much or as little as they want, as well as take it with them from job to job.

"A work and save program would help roughly 2 million private sector workers save for and secure their financial future. Providing individuals an opportunity to save also means that fewer Georgians would need to rely on public assistance programs which also means the state could save $8 billion over the course of 20 years. Based on these facts, I believe a work and save program would be a great help to individuals as they age and plan for their retirement while being a great savings to the state as a whole,” said Senator Chuck Hufstetler.

Among the survey’s other key findings:
-Georgia registered voters feel anxious about retirement.

- Most (89%) ages 35 and older wish they had more money saved, while half of those aged 21-34 do not think they will be able to save enough before retiring.

- A majority feel (79%) rising consumer costs due to inflation has had an impact on their overall personal finances.

- Two in five are not confident they will have enough money to cover healthcare expenses in their retirement years.

- As taxpayers, 79% are concerned that some Georgians have not saved enough for retirement and could end up relying on public assistance programs.

- Georgia voters recognize the importance of being able to save for retirement while working.

- Nearly 1 in 5 Georgia working voters do not have access to an employer-sponsored retirement savings plan.

- The majority – 76% – of Georgia voters support a public-private state-facilitated retirement savings program and this remains true across party lines (68% of Republicans, 75% of Independents and 87% of Democrats).

View the full survey results.

The AARP 2023 Georgia Retirement Security survey was a telephone study among 601 registered voters ages 21-64 in Georgia. Interviews were conducted January 18 – February 2, 2023. The sample was drawn from a registered voter list. Margin of error is +/- 4.0 percent.
 

About AARP
AARP is the nation’s largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence and nearly 38 million members, AARP strengthens communities and advocates for what matters most to families: health security, financial stability, and personal fulfillment. AARP also produces the nation's largest circulation publications: AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org, www.aarp.org/espanol or follow @AARP, @AARPenEspanol and @AARPadvocates, @AliadosAdelante on social media.