Recent data from FlexJobs’ 2024 Financial Pulse Report finds that 35% of U.S. workers are not currently saving for retirement, with 20% of those saying that they plan to start. More than half (61%) of men and (52%) of women say they’ve been saving for retirement for a while. Additionally, 20% of women and 19% of men say they are planning to begin saving for retirement soon.
Across generations, 61% of boomers say they’ve saved for retirement for a while, compared to 58% of Gen X and 46% of millennials. More than one-quarter (26%) of millennials say they have not saved for retirement but plan to start, compared to 17% of Gen X and 11% of boomers. More than three-quarters (77%) of respondents say people should be allowed to retire and get access to full Social Security benefits before age 67.
The study also finds that 23% of respondents say $24,999 or less is the lowest pay they would accept or have accepted for their first job, while 2% believe that $24,999 or less is a realistic entry-level starting salary in 2024.
Nearly one-quarter (24%) of women say they would accept or have accepted this salary for their first job—slightly higher than men who say the same (17%). Additionally, 14% of men say the lowest pay range they would accept or have accepted is $80,000 or more, compared to 6% of women.
Despite workers’ willingness to accept a lower pay range for their first job, nearly half (49%) of workers believe a realistic starting salary in 2024 should fall between $40,000 to $49,999 (26%) or $50,000 to $59,999 (23%).
Between generations, 27% of baby boomers, 26% of Gen X, and 25% of millennials say that $40,000 to $49,999 is an acceptable starting salary in 2024.
