finance.yahoo.com
For people working today, the challenge of saving for retirement differs by generation. Gen Zs and millennials have been dealing with paying down immediate debts and credit card balances, Lorna Sabbia, head of workplace benefits at Bank of America (BAC), told Yahoo Finance. “So sometimes that is the priority versus long-term planning. And so to balance those two things (is) a little bit more difficult.” Gen X, Sabbia said, seems to feel the weight of impending retirement heavily, reporting a marked drop in their overall feeling of financial wellness in recent years. And there’s one burden weighing on workers of every age: caregiving. About 50% of employees are caregivers — and they don't want to tell anybody about it. ‘It’s not like they're walking around their workplaces with a t-shirt that says ‘I'm a caregiver,’ Sabbia said. “But in reality, they're dealing with those additional expenses. So it's more of a struggle. On average, we find folks actually spend $7,000 a year out of pocket.”
2 months ago