NEW YORK, Oct. 27, 2015 /PRNewswire-USNewswire/ — A staggering 70% of African American Gen Xers say they may leave New York City when they retire, saying high debt, housing expenses and healthcare are hampering their ability to save, according to a new survey of African American city voters commissioned by AARP.
As Gen Xers started turning 50 this year, AARP conducted its first city survey of the generation, High Anxiety: NYC Gen X and Boomers Struggle with Stress, Savings and Security. AARP then created a supplemental report, High Anxiety: NYC African American and Black Gen X and Boomers Struggle with Stress, Savings and Security, to take a deeper look at what is driving the financial stress of African Americans in the city.
African Americans will be a large part of a looming ‘Gen-Xodus,’ with large numbers of other New Yorkers also deeply concerned about being able to retire comfortably in NYC. In comparison to the African American numbers, 66 percent of the total population of Gen Xers, and 56 percent of Boomers say they may flee the city. Hispanics are equally as concerned as African Americans, with 71% of Gen Xers saying they may leave New York.
The poll of 800 city voters, split between Gen Xers and Baby Boomers, found that while financial anxiety is high among Gen Xers and Boomers of all races and ethnicities, African Americans in those age cohorts are feeling financial insecurities more widely.
Larger shares of African Americans worry about unexpected emergencies they cannot afford (66% Gen X, 64% Boomer) and not being able to pay their bills (62% Gen X, 58% Boomer).
The top financial worry for African American and Gen X (79%) and Boomer (68%) voters is not saving enough, followed by insufficient retirement planning (68% Gen X vs. 59% Boomer).
Compared to the total Gen X and Boomer voters in New York City, African American voters are more likely to experience obstacles to saving, particularly due to paying debt (54% African American vs. 44% total), family caregiving responsibilities (46% vs. 36% total), health needs (51% vs. 46%), and the cost of moving or changes in housing (46% vs. 38%).
African American voters in these generations also expressed higher concerns about affordable housing (74% vs. 62% total).
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