Tipsheet

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

Leah Barkoukis
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. 

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. 

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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. 

Spending $709 more per month for the same goods and services as they were two years ago will do that.