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.
Republicans highlighted the findings, which come as the White House continues to tout "Bidenomics," despite virtually no voters being swayed by the administration's talking points.
BIDEN: "Bidenomics is working!"
— RNC Research (@RNCResearch) October 11, 2023
Under Biden, 61% of Americans say they're living paycheck-to-paycheck. pic.twitter.com/2PmWiuJPuV
Spending $709 more per month for the same goods and services as they were two years ago will do that.
CNBC: Under Biden, "having enough emergency savings and paying monthly bills have unseated saving for retirement as the number one concern for workers between the ages of 21 and 64" pic.twitter.com/kXgWv0ndKM
— RNC Research (@RNCResearch) October 16, 2023
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