Workers Experience High Levels Of Financial Stress
A new survey conducted by New York Life Retirement Plan Services finds that the majority of 1,500 retirement plan participants polled have felt moderate to severe financial stress over the last six months.
According to a release from the firm,
In addition, 60 percent of survey respondents said they were behind or far behind schedule in saving for retirement. Women reported both higher levels of extreme stress and higher amounts of unpreparedness than men.
Also, more than half of respondents said they have done a poor job of investing and saving for their children's education, which are additional stressors.
Some further highlights of the survey include:
o 60 percent of those surveyed worry moderately or a great deal that they will experience financial difficulties
o Saving for a child's education is the number one source of worry among parents surveyed, closely followed by retirement and emergency savings
o 50 percent of survey respondents had
o On average, participants want to retire by age 62, but believe they won't be able to until 68
o 90 percent of those surveyed have no written financial plan for retirement
"As retirement plan providers, we must recognize that saving for retirement is only one of many financial stressors that affect Americans today, so we need to help plan participants manage a lot more than their 401(k) plan," said
New York Life Retirement Plan Services offers bundled retirement plan solutions and defined contribution investment only products throughout
New York Life Investments, a subsidiary of
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