Voters, anxious about retirement security, are looking for help

If you worry about your personal financial situation at least once a day, you’re in the majority of registered voters in the U.S., according to a new survey by BlackRock. The study was completed in advance of a March 12 summit co-hosted by BlackRock and the Washington, D.C.-based think tank, Bipartisan Policy Center.

Among those voters:

• 56% worry about their personal financials at least once a day.

• 31% of voters have a difficult time immediately paying an unexpected $500 bill.

• 51% are more worried about running out of money in retirement than they are about dying.

• Only 18% — fewer than one in five —are very confident they’ll have enough money for their retirement years. That’s a drop from the 22% reported in September.

It’s clear the country is facing a retirement crisis.

Many Americans haven’t built up the savings they’ll need for retirement, and it’s quite a hill to climb. Respondents said the average amount of expected savings needed for retirement is just under $2.1 million. And yet, 33% of the registered voters surveyed have no retirement savings at all, and 69% have saved less than $150,000— including 62% of Generation X, the next wave of retirees.

That group with no savings at all includes 47% of the 18–34-year-olds surveyed; 47% of Black registered voters; 46% of Hispanic voters; 40% of mothers; 40% of rural voters; and 37% of women.

With numbers like that, it’s not surprising that 21% don’t plan to retire at all.

For many, the chance of a secure retirement seems unlikely. Only 28% of registered voters believe the retirement system gives workers the necessary tools and resources to save for a secure retirement. They’re looking for help, too; 80% want Congress to help people properly save for retirement. An earlier survey from last September showed only 13% of respondents thought officials in Washington, D.C., were focused on the problem.

Experts at the upcoming Retirement Summit will be looking for ways to help more people put plans for secure retirement in place while they’re still working — solutions that could come from the public or private sector, or from both working together. According to their press release, BlackRock and the Bipartisan Policy Center has pulled together elected officials, corporate leaders, small business owners, union representatives, pensioners, and state and federal policymakers to talk about “redefining retirement.”

“Fewer than one in three Americans believe they have the tools they need to save for retirement,” said BlackRock Chairman and CEO Larry Fink in their release. He added, “At BlackRock, we’re committed to being part of the solution. That’s why we’re bringing leaders to Washington to explore ways the private sector and government can collaborate to ensure more Americans can achieve a financially secure retirement.”

Margaret Spellings, BPC’s president and CEO chimed in the release as well, saying, “With Americans living longer than ever, lawmakers must prioritize policy that supports personal savings. BPC has long championed such efforts and will continue working with leaders of both parties to ensure all Americans have access to tools and resources to enjoy financial security in their golden years.”

The survey of 1,000 national registered voters in the United States was executed by Public Opinion Strategies, an independent research firm. All interviews were conducted from January 11 through January 15, 2025. The margin of error is +/- 3.1%.