What would you like to know
- Survey participants associate their current physical, mental and financial health with well-being.
- Respondents find it difficult to find a comprehensive view of their finances: 61% say they need to consult many resources.
- Financial freedom appeals to 76% of participants, but only 56% think it is achievable.
A large majority of those polled in a poll released on Monday by Franklin templeton said that retirement now looks different for everyone and that there is no single path to retirement today.
Respondents were more likely to find the concept of financial freedom attractive than the concept of retirement, but less likely to see this goal as achievable.
Most expect their financial future to be different from that of their grandparents, parents and children.
The Harris Poll conducted the study on behalf of Franklin Templeton in October among 1,007 employed American adults, all of whom had some form of retirement savings.
Changing the retirement landscape
Eighty percent of respondents agreed that the traditional idea of retirement no longer meets the expectations or experiences of most people. At the same time, three-quarters said their future financial goals and plans were different today than they were five years ago.
Seventy-six percent of participants said achieving financial freedom was appealing, but only 56% thought it was achievable. At the same time, 69% said there was an attraction to retirement, while 61% said it was likely achievable – a significantly smaller gap.
Three-quarters of workers identified their most important financial milestones today as financial freedom and financial independence, which also indicates that financial independence is more stimulating than retirement. Many more women surveyed than men said they find financial independence particularly attractive.
A more holistic view
Survey participants associate their current physical, mental and financial health with well-being. More than half said their financial well-being was not primarily about money, but included their health and lifestyle.
But although many workers today place almost equal importance on mental, physical and financial health, they feel less in control of their financial health.