Survey: retirement plans at work raise confidence
Experience the interactive Multimedia News Release here: https://www.multivu.com/players/English/8000751-principal-retirement-confidence-survey/
The survey, now in its 27th year, is released by the nonpartisan
Only 60 percent of workers feel very or somewhat confident they will have enough money to live comfortably throughout their retirement years. But that number jumps to 74 percent among workers who participate in a defined contribution retirement plan.
In addition, those with a retirement plan at work report they feel more financially secure (73 percent) compared to those offered, but not participating, in a workplace plan (49 percent). They are also more confident in their ability to pay for basic expenses (79 percent vs. 60 percent) and medical expenses (67 percent vs. 48 percent) in retirement.
"It's clear those with access to employer-sponsored plans feel better about their financial situation," said
Worrying at the workplace
In a new measure of confidence this year, 30 percent of workers say they worry about their personal finances at work. Among workers who say they are stressed about retirement specifically, those who spend time worrying about it at work reaches 63 percent.
Fifty-three percent of worried workers say they would be more productive at work if they weren't worrying about personal finances. Among all workers, more than four in 10 report that programs to help with budgeting, prioritizing savings and managing expenses would improve their productivity at work.
"Getting a handle on saving and spending by setting clear, realistic goals is the best thing you can do to increase confidence and reduce stress," Vandermillen said. "Often times, only a minimal effort is needed to help meet both your short- and long-term goals."
Get full survey results at ebri.org. For more research, analysis and insights from Principal, visit the Principal Knowledge Center and connect with us on Twitter.
About Principal®
Principal helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Our employees are passionate about helping clients of all income and portfolio sizes achieve their goals – offering innovative ideas, investment expertise and real-life solutions to make financial progress possible. To find out more, visit us at principal.com.
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