US retirement plan participants have become markedly more gloomy in the past two years about their ability to save for old age, according to a new BlackRock study, which warned high inflation and volatile markets are making people economically anxious.
The report by the $9.4tn money manager found that the share of US retirement savers who feel they are “off track” has more than doubled since 2021 to 24 per cent. The share who feel “on track” has fallen 13 percentage points from a 2021 peak to 56 per cent, the lowest level since the survey began eight years ago.
Nearly 30 per cent of all retirement savers now plan to work for longer because of economic conditions, according to the survey. Higher interest rates and last year’s poor results in equity and bond markets have left many retirement savers confused about where to put their money.