Americans' Top Stress-Inducing Financial Issue Is a Blow to 'Bidenomics' Narrative

Leah Barkoukis | October 17, 2023 9:36 AM

Amid stubbornly high inflation and fears of a recession, American workers are no longer most concerned about saving for retirement.

According to the 2023 Workplace Wellness Survey by the Employee Benefit Research Institute, day-to-day finances are causing more stress than focusing on long-term savings.

“For the first time in the WWS, workers report that having enough savings for an emergency and paying monthly bills are the financial issues that cause them the most stress,” the survey states. “In years past, saving enough for retirement held the top spot among concerns, and it remains a close third.”

The survey found 47 percent of respondents said their top stress-causing financial issue was “having savings in case of an emergency,” 45 percent named “paying my monthly bills” as their No. 1 concern, followed by 45 percent who said “saving enough for retirement” was their major stressor.

What causes American workers to stress over finances? Day-to-day challenges outrank longer-term financial needs, according to the 2023 Workplace Wellness Survey: https://t.co/nGCnwYaGNK #workplacewellness #employeebenefits #financialstress pic.twitter.com/jjBEsBUz1Z
— Greenwald Research (@GreenwaldRsrch) October 13, 2023

A majority of respondents also said they are unprepared for an unexpected expense of $5,000 and more than 80 percent said they would be interested in their workplace offering an emergency savings account.