Results from a recent consumer survey by Voya Financial suggest
many Americans are not spending enough time on important decisions related
to their retirement plan.
“This could have
a significant impact on how successful they are in achieving their future
financial goals,” researchers warn.
Voya, a significant majority of respondents (80%) said they had not taken the time to review or revise
their retirement plan within the past year. Further, more than
half (53%) confirmed that they did
not review their retirement plan even after experiencing a major life
change that impacted their finances.
“While it’s human nature to put off difficult tasks, more
than one quarter admitted they would procrastinate longer on making a
retirement plan decision than they would with other activities, such as
preparing to speak in public (23%),
studying for an important exam (17%)
or researching a personal loan (17%),”
the survey report explains. “When it came to making decisions related to the
retirement plan process, nearly two-thirds (63%) said they spent too little or no time at all
on this important topic.”
Voya researchers were surprised to see that age and gender
had little impact on the time Americans spent reviewing their retirement plans.
Nearly as many Baby Boomers (26%) as
Millennials (30%) said they would put off making retirement decisions longer than
they would other activities.
Regarding the breakdown of the data by gender, Voya suggests
slightly more men (22%) have reviewed or revised their
retirement plans within the past year compared to women (18%). However, men and women were
equally as likely to delay making retirement decisions due to the amount of
thought required. Similarly, they are equally inclined to feel they spend too
little or no time at all making retirement decisions, at 63%.