Nearly seven in 10 millennials and Generation Z workers say stress surrounding their personal finances has negatively affected their productivity at work, according to a consumer survey published in earlier this month from the National Association of Personal Financial Advisors (NAPFA). In fact, 87% of working Americans report feeling stressed about their money, and nearly a third (32%) report spending half an hour or more of their workday thinking about their money.
The survey found that 74% of working adults feel their co-workers are struggling to make ends meet due to inflation, and nearly four in five (79% ) believe that employers should be more aware of employees’ financial problems. Additionally, nearly seven in 10 (69%) respondents said they would do a better job if their employer offered more health benefits, up from four in five (81%) millennials and nearly three-quarters (74%) of men in the contract.
“Due to the impact of the cost of living and other financial stressors today, consumers want help and understanding from their employers regarding their financial health,” said the director. NAPFA CEO Geoffrey Brown, CAE. “Consumers can more easily navigate these financial issues and make the most of employer financial wellness programs with just the help of a financial planner.”
NAPFA Consumer Survey data also reveals that increasing financial stress is causing Americans across generations to question their financial future. Amid concerns about inflation and financial stress, survey data also reveals that Americans are contributing less to their retirement:
- Nearly three in five (58%) working adults have contributed less to retirement due to inflation, and 69% of millennials have cut back on their retirement benefits. milk.
- Almost half of respondents (49%) reported that they are not sure how much money they need to spend on vacation, with 55% of baby boomers agreeing.
- More than half (54%) of baby boomers, 80% of millennials, and 72% of Gen Z believe they need to pay off all their debt before they can focus on saving for retirement .
Studies reveal that employer-provided pension plans are insufficient for employee financial planning purposes, creating uncertainty for many Americans.
- Nearly half (49%) of respondents felt they could not afford to retire on their own employer-sponsored pension plan.
- 64% reported that they knew someone who delayed retirement because they did not have enough savings.
- More than half (51%) of working adults felt that their employers did not offer the “right kind” of retirement plans to ensure that employees had enough money saved.
- Nearly three in five (58%) men and nearly half (46%) women reported that their employer-sponsored retirement plan, such as a 401(k), was insufficient but did not realize very financial to find a better plan. .
The survey was conducted online by Atomik Research among 2,005 working adults under the age of 65 in the United States. Fieldwork for the online survey was conducted between September 16 and 28, 2022.