New data from Principal reveals that less than 50% of Americans believe they can manage their current finances while also planning for the future. Principal's President of Retirement & Income Solutions Chris Littlefield discusses why this perception may not reflect reality for most people. Littlefield points out that inflation has significantly impacted American consumers. The combination of rising prices and the depletion of pandemic savings is causing individuals to "really feel that stress," he says. While many Americans may feel that saving for retirement while managing current finances is unattainable, Littlefield notes there is still "a big effort" among Americans to save. However, Littlefield highlights a concerning gender gap in savings habits. Women lag behind men "across nearly every measure of financial inclusion," he explains. While 52% of men say they can manage long-term financials as well as their current needs, only 39% of women say the same. This disparity is reflected in retirement account balances, where women typically have lower savings than their male counterparts.
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