In the face of rising inflation and skyrocketing consumer prices, it’s not surprising that Americans are hurting financially.
However, the U.S. News & World Report "Retirement and Inflation" survey published in early January reported even more sobering findings.
Chief among them is the fact that an alarming 41% of Americans took a break from investing in their retirement accounts; what’s more, another 32% withdrew from their acquired funds to cover everyday living expenses.
Additionally, 72% of respondents said they have reevaluated their retirement plans since the start of COVID-19.
Looking to the year ahead, 82% of respondents said they were worried about a recession affecting their retirement and 65% believed they will need to work post-retirement to supplement Social Security income.
Over half (57%) of respondents also said they lost sleep in 2022 due to retirement savings stress.
As financial woes continue to plague employees across the country, employers, HR leaders, and CFOs must begin to weigh the value of employee benefits that seek to remedy or alleviate some of the financial anxiety on their workforce.
Looking for more exclusive content? See what’s trending on the Mployer Advisor blog, and be sure to check out this related explainer piece on financial wellness benefits.
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