How can you think about retirement planning when you can't pay your bills on time?
Gen Xers -- people in their early 30s through early 50s -- have the least amount of confidence that they will be able to retire comfortably and are most likely to borrow money from their retirement funds, according to a study by PwC, a financial advisory service that works with employers.
That doesn't seem very surprising. When you are in your 20s and early 30s, retirement is too far away to worry about. By the time you reach your 40s and 50s, your responsibilities have multiplied. Just buying groceries and paying tuition bills is enough to leave you broke.
In fact, 49 percent of the Gen X respondents told PwC that they can't afford to pay their household bills on time each month. By comparison, 31 percent of baby boomers and 30 percent of Millennials -- who are younger than 32 -- say they face this kind of cash flow problem.
Meanwhile, workers' confidence in their ability to retire comfortably is low across the board. At no age does retirement confidence reach 50 percent, according to the survey.
Retirement confidence by age
|Age||Percentage who are confident|
PwC says it is urging companies to help remedy their employees' problems by "implementing holistic and proactive financial wellness programs that help their employees deal with the stresses of competing financial priorities."
I don't know what that means, but it doesn't sound like a raise.
How confident do you feel about your ability to retire -- and what are you doing about it? Short of giving you a raise, what could your employer do to help?