Retirement is the top financial concern for N.J. residents, survey finds

By Emily Bader
New Jersey | Jul 16, 2019 at 11:52 am

Being able to afford retirement is the most serious financial concern among New Jersey residents, according to a recent Kearny Bank Personal Finances Poll, an online survey conducted by Fairfield-based Kearny Bank.

Among 1,006 respondents, the survey found more than one quarter (27.2%) said affording retirement is their top financial worry.

Other top issues include:

  • Health care (17.4%);
  • Other (16.7%);
  • Housing (12.8%);
  • Daily expenses/inability to save (12.6%);
  • Education (10.7%);
  • Transportation (2.7%).

Although retirement is the biggest concern overall, the survey found those aged 18-34 considered housing as their main issue (20.4%) and those in the 65+ age range had health care (33.3%) as their top fear. Retirement is the most frequent answer by those in the 35-44, 45-55, and 55-65 age range as well as for women (29%) and men (25.2%).

“With most respondents expressing concern about ability to retire, and our youngest adult residents unsure about finding affordable housing, a worrisome synergy appears to be at play,” Eric Kesselman, first vice president and director of marketing, Kearny Bank, said. “Our state needs to effectively address the needs of those leaving the workforce, as well as those just entering it, or there could be decidedly negative economic repercussions.”

The survey was conducted from June 24-26 through the Google Surveys platform and was exclusive to New Jersey residents.

Emily Bader | ebader@roi-nj.com | emilybader