June 15, 2021
Americans Overwhelmingly Agree that Inadequate Retirement Savings is a Problem for the Country, New EIG Survey Finds

Washington, D.C. Today, the Economic Innovation Group (EIG) released a new survey, conducted by Echelon Insights, that shows 82% of American voters believe that retirement security is a problem for the country. The “Retirement Security and Wealth Attitudes: National Voter Survey,” also finds 91% of voters agree that all working Americans should have the ability to participate in a retirement savings plan.

“American voters across the political spectrum agree that retirement security is a serious challenge for the country,” said EIG President and CEO John Lettieri. “We already know that tens of millions of workers aren’t participating in a retirement savings plan and therefore are missing out on a critical means of building wealth and financial security. These new findings underscore the need for Congress to take action to ensure that federal policy provides much-needed support for the workers that need it most.”

Americans are concerned about their financial futures.

  • One third of American voters are not confident that they will have enough savings to live comfortably when they retire. 
  • Of the 41% of American voters who do not have a retirement savings account, 44% say they do not have money to save after expenses.
  • 82% of Americans agree the ability of low-income Americans to save for their future is a problem for the country.
  • More than nine in 10 Americans agree that Social Security alone will not be sufficient for retirement. 

American voters across the political spectrum support a proposal with government matched retirement contributions.

  • Over three quarters (78%) of American voters, with broad bipartisan support, believe that all working Americans should have access to the same retirement savings plan as government employees, such as the federal Thrift Savings Plan (TSP). 
  • Support jumped to 63% (from 55%) after learning more about the features of a proposal that would offer government matched retirement contributions to low- and middle-income working Americans.
  • The proposal garnered more support than other prominent wealth building plans such as universal basic income (47%), child allowances (41%) and baby bonds (40%).

A federally-matched retirement contribution is a feature of EIG’s Inclusive Wealth Building Initiative proposal, first outlined in a white paper co-authored by a bipartisan pair of economists, Dr. Kevin Hassett and Professor Teresa Ghilarducci. EIG’s proposal would give low- and moderate-income workers access to a new retirement savings program modeled after the highly successful federal Thrift Savings Plan, which is currently available only to federal employees and members of the military.

To read the full survey results, visit the Inclusive Wealth Building Initiative website.

Methodology

On behalf of EIG, Echelon Insights, a leading opinion research firm, conducted a nationally representative survey of 1,000 registered voters, aged 18+. The survey was conducted March 15-19, 2021, via online interviews sampled from the voter-file matched panel hosted by Dynata, a leading global survey partner. 

EIG Media Contact: [email protected]

About the Economic Innovation Group (EIG)

The Economic Innovation Group (EIG) is a bipartisan ideas laboratory and advocacy organization whose mission is to advance solutions that empower entrepreneurs and investors to forge a more dynamic American economy. Headquartered in Washington, D.C., EIG convenes leading experts from the public and private sectors, produces original research, and works to advance creative legislative proposals that will bring new jobs, investment, and economic growth to communities across the nation. For more information, visit eig.org.

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