July 22, 2019 | Number of The Day
Where retirement rates among financial concerns for NJ residents

How will they be able to afford retirement? That’s the Number One financial concern for New Jerseyans. More than one quarter of respondents (27.2 percent) to the most recent Kearny Bank Personal Finances Poll said it’s their most pressing financial worry. Other issues whose financial consequences loom over respondents are the cost of healthcare (17.4 percent), housing (12.8 percent), and daily expenses/inability to save (12.6 percent). A significant percentage (16.7 percent) listed the catch-all “other” — which incorporates a range of issues. Rounding out the survey were the cost of education (10.7 percent) and transportation (2.7 percent).

While retirement is the biggest concern overall, the biggest financial concern for those in the 65+ age group is the cost of healthcare (33.3 percent). For those in the 18-34 age range, housing is the main issue (20.4 percent).

“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,” said Eric Kesselman, 1st vice president/director of marketing for Kearny Bank. “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,” he said.