A new survey asked about trade-offs when it came to preparing for retirement – so, how did that compare to standing in line at the DMV?
A new survey by Voya Financial found that while more half of the respondents (57%) would rather research their retirement plan, review retirement assets and fund allocations, or review their plan performance, a surprising number — more than a third (37%) — would rather spend their time waiting in line at the DMV than researching or reviewing their plan options.
However, a higher percentage (43%) of Gen X Americans would rather wait in line at the DMV than research or review their retirement plans, compared to more than one third (34%) of Millennials and Baby Boomers (35%).
Those surveyed would also be more likely to put off preparing to speak or present in public than to make retirement plan decisions – but not much more.
Procrastination Stations
Voya’s survey asked individuals to identify which one of the following activities they would put off the longest due to the amount of thinking it required:
- studying for an important exam;
- preparing to speak or present in public;
- making retirement plan decisions, such as investment choices, how much to save, or reviewing performance; or
- researching a personal loan for a home, car, or other major purchase.
While public speaking is an unpleasant experience for many people, the survey found that a greater number would rather put off their retirement plan decisions.
More than a quarter (26%) admitted they would procrastinate longer when faced with a retirement plan decision than they would studying for an important exam, researching a personal loan or preparing to speak in public. And just under a quarter (23%) said they would be more inclined to put off preparing to speak or present in public.
On the other hand, fewer (17%) would put off researching a personal loan or studying for an important exam. A much smaller group (14%) would not put off any of these activities.
Nearly as many Boomers (26%) as Millennials (30%) said they would put off making retirement decisions longer than they would other activities. Only one in five (20%) said they reviewed or made adjustments to their retirement plan in the last year.
More than twice as many reviewed or made adjustments to their phone, cable and/or internet service (43%) or social media account profiles (43%).
During the past year, Millennials were nearly four times as likely (63%) to update their social media profiles than they were to review or make adjustments to a retirement plan (17%). A much smaller number (11%) did not have a retirement plan.
With regard to gender, slightly more men (22%) have reviewed or revised their retirement plans within the past year compared to women (18%).
