TEXAS, USA — If you're a working Texan hoping to retire, you might want to think twice about savings.
According to a recent survey from investment company BlackRock, some 32% of registered Texas voters haven't saved any money for retirement, despite 78% planning to stop working eventually.
Of those surveyed, Gen Z adults to younger millennials were the group with the least amount of savings, at roughly 52% of all voters ages 18 to 34. Behind that group were Black voters at 46%; then women between 18 to 54 and women of color, tied at 41%; and finally, non-college educated voters, at roughly 39%.
While many voters don't have any money saved for post-work life, roughly 62% of Texans surveyed said they have under $150,000 for their futures. Only a small fraction of voters surveyed, 18%, said they have at least $500,000 ready for their "golden years."
The majority of surveyed individuals said they feel the U.S. is currently suffering a retirement savings crisis. Around 72% of Texans who don't plan to retire say the reason is that they can't afford the average $2.74 million savings it takes to do so.
Much of the concern involves added expenses that often come with age, such as elderly care centers. More than 70% of Texas voters said they worry about paying for these types of costs.
And when it comes to emergency savings, Texans don't appear to be much better off. Less than half of the people surveyed said they have more than $10,000 if needed, while 23% said they don't have any readily available savings at all.
These statistics aren't unique to Texas. In fact, more than half of all national voters say they worry about using up all their retirement savings, with 80% claiming this negatively influences their mental wellbeing.