Workers Interested in Employers Providing Retirement Educational Resources
Regardless of income level, more than 60% of respondents in a new survey
by MassMutual agree that they are behind when it comes to preparing for retirement, and many expressed a need for more education about retirement savings and personal financial management.
The overall survey results show widespread concerns about a number of financial issues, including lack of preparation for retirement, struggling to make ends meet, and potential changes in the health care system.
Not surprisingly, workers earning less than $45,000 had the highest level of agreement with the statement that they are behind on preparing for retirement, as more than 80% of respondents either “strongly agreed” or “somewhat agreed.” But the numbers are still pretty high even for those earning $75,000 to $150,000, where 54% either “strongly agreed” or “somewhat agreed” with the statement.
The survey further shows that a slight majority (51%) expressed a desire for their employer to do more to educate them on saving for retirement. In addition, most workers in the survey, regardless of income level, tended to disagree with the statement that retirement was too far away to think about, despite many agreeing they may be behind on retirement saving. Only 23% agreed with the statement that retirement is too far away to think about.
“MassMutual’s study shows that employers may have opportunities to play a bigger role in helping their employees strengthen their finances, including deploying more educational resources on retirement savings and money management, benefits to help employees manage both short- and long-term financial challenges, and promoting the link between financial wellness and overall wellness,” explains Teresa Hassara, leader of Workplace Solutions at MassMutual.
Other key findings show that debt is the biggest issue the middle class is facing, but its impact is felt most by Millennials and Gen Xers, the survey notes. High levels of debt is the main reason workers find it challenging to manage their finances (86%), along with not having enough money each month (85%), according to the results. In addition, 55% feel they do not have the financial knowledge to properly manage their finances.