This year Generation X turned 50. With 2.5 million members across the state, AARP New York is the state’s leading advocate for the 50+, and we believe now is the time for us to take stock of the financial plans of Gen Xers and how prepared they are for their financial future.
To that end, AARP New York presents, “ High Anxiety: New York’s Gen X and Boomers Struggle with Stress, Savings and Security,” a report detailing the findings behind a groundbreaking statewide voter survey of New York voters aged 35-69, Generation X and Baby Boomers together.
As Generation X emerges from the long shadow cast by the Baby Boomers, they find themselves sandwiched between raising their children and caring for their aging parents while working longer hours to pay the bills. We found that Gen Xers lack the time and knowledge needed to manage and plan for their future. Not building a secure retirement is adding more worry to this most important and stressed population. It is vital that these worries are addressed by our elected leaders because an uncertain financial future for New Yorkers is an uncertain financial future for the state.
Here are some key findings:
- Gen X are likely to flee New York – 66 percent, compared to the Boomers’ 55 percent.
- 54% of NY’s private sector employees have NO access to workplace retirement savings plan
- 61% of Gen X and Boomers worry about not planning enough for retirement
But it doesn’t have to be that way. At AARP New York we believe the critical insights into the economic position of the voters of both generations contained in this “High Anxiety” report can help serve as a roadmap for fostering better financial and retirement security and independence including access to a new kind of retirement blueprint.
One solution that other states such as Illinois and Washington recently created is a state-facilitated retirement plan for those with no workplace pension or 401k, which AARP believes would ease Gen Xers’ and future generations’ worries. New York’s elected officials and state policymakers are in a position to lend working New Yorkers a helping hand by ensuring that all who want to save for their retirement have a simple option for doing so.
AARP is committed to ensuring New Yorkers are able to live their best lives as they age, and we believe financial and retirement security are key to that goal. In the long run, helping our citizens plan for their future and help themselves helps us all.
Beth Finkel is the state director of AARP New York