Are Americans of All Ages and Income Levels Shortsighted About Their Finances?

Source: Steven A. Sass and Jorge D. Ramos-Mercado, Center for Retirement Research at Boston College, IB#15-9, May 2015

The brief’s key findings are:
– A recent CRR analysis of a FINRA survey found that financial satisfaction depends much more on meeting day-to-day, rather than distant, needs.
– This study explores whether households of all ages and income levels are also shortsighted.
– The results confirm that distant needs, like retirement saving, consistently take a back-seat to more immediate concerns.
– The results underscore the importance of making it easy and automatic for Americans to save for distant goals that may otherwise receive little attention.