While Americans continue to experience the challenges presented by inflation and a potential recession, New York Life Insurance Company’s latest Wealth Watch survey found that 66% of American adults are confident in their ability to reach their financial goals, and 1-in-3 feel hopeful about their finances at the end of 2022 going into 2023, reflecting similar levels of confidence reported this time last year.
Women and Gen Xers are feeling the crunch more than other groups, having a lower average amount of savings. They are feeling less financially confident than other demographic cohorts, revealed the survey.
“While financial health and confidence for Americans may differ for myriad factors, it’s worth noting that women and Gen Xers, or those within the ‘sandwich generation,’ are likely parent-caregivers, handling both parent or guardian and unpaid adult caregiving roles, often leading to greater levels of stress,” said Suzanne Schmitt, Head of Financial Wellness at New York Life. “Of the 53 million Americans serving as caregivers, 61% of them are women as reported by AARP in 2020 and their financial needs and priorities, including saving, investing, and protection, require a relevant strategy to adequately support those distinct needs.”
Women (44%) and Gen Xers (45%) are more likely to feel less prepared for retirement than other demographic groups. Women saved an average of $3,146, while men saved an average of $7,007. Millennials were the highest savers of any generational cohort, saving an average of $6,043.
