The economic fallout from the pandemic in 2020 caused some workers to evaluate their retirement plans. Some retired early, while many paused their plans. A new survey found that one third of adults do not think they know enough about retirement. Among respondents, 37% said they need more education about retirement planning and 52% said they need more education on how to invest in 2022. Overall, most adults (80%) consider themselves financially literate. Citing sources of financial education, 22% said parents and family, 18% noted social media and websites, and just 7% said they received education from an advisor.
While savings rates have been rising, retirement savings may not be the top priority among individuals, according to a recent survey. Among those polled, 40% said their main goal is to increase non-retirement savings and 30% cited paying off debt. In addition, 17% said saving for retirement was their priority. Nearly half of respondents said they have less than $15,000 saved for retirement.