SAN FRANCISCO, Nov. 14 (Xinhua) -- Four in 10 or 38 percent of U.S. workers age 21 and older say it would be a financial "hardship" for them to live past the age of 85, a retirement study by the community-based bank Wells Fargo & Company said Wednesday.
Wells Fargo said in its 2018 Wells Fargo Retirement report that most workers say they expect to live to age 85, 42 percent say they could live longer, and 10 percent say they could live to 95 or older.
The report found that Gen X workers, who were often defined as those born between 1961 and 1981, and Millennials show the highest level of stress.
Fifty-five percent of Gen X workers describe themselves as "struggling" or "suffering" in their financial lives, said the report.
Similarly, 60 percent of Millennials say they see their financial lives as "struggling" or "suffering," highlighting the challenges younger workers face as they prepare for retirement.
Gen X workers are burdened with raising children and supporting aging parents, but only 45 percent say they have a detailed financial plan, the lowest rate of planning among all generations, according to the report.
The report showed that 64 percent of workers with a planning mindset are more likely to have a "thriving" financial life, while 42 percent are less likely to have high levels of financial crisis.
As defined by the report, people with a "planning mindset" refer to those who have set a financial goal during the past six months, or are working toward a long-term goal, feeling good about planning financial matters over the next one to two years and preferring to save for retirement right now.
