Student loan debt repayment is impacting consumers ability to save for retirement, a new survey by OneAmerica said.
The survey found that roughly one-third of respondents said they are paying off student loan debt for themselves or someone else. Of that one third, about 85 percent reported paying off student loan debt is hurting their ability to save for retirement.
OneAmerica, an organization the promotes retirement savings, says there’s a need to better educate Americans on various savings plans to better prepare for educational expenses. Also, many credit unions are offering their customers incentives to help them save.
A recent survey by the National Association of Federally Insured Credit Unions found that two-thirds of credit unions surveyed offer programs focused on retirement savings. Further, it revealed that a majority are partnering with third-party vendors to help members with budgeting, personal financial management, and credit monitoring. Many credit unions also offer incentives to help members save.
The One America survey asked respondents what they see as the most important attribute to achieving financial wellness. The top answer, given by 24 percent, was controlling debt. The next most important attribute, given by 22 percent, was contributing more to retirement savings. The third most important attribute was creating a budget, according to 19 percent.