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Home News Workforce

Rising Financial Stress Threatens Retirement Security for Many U.S. Workers

Inflation, high interest rates, and increased reliance on personal savings are contributing to the financial stress felt by the U.S. workforce. A survey published by CNBC shows how a portion of the U.S. workforce with a 401(k) do not contribute anything into the plan.

Dominic CatacorabyDominic Catacora
September 8, 2023
in Workforce
Reading Time: 2 mins read
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Rising Financial Stress Threatens Retirement Security for Many U.S. Workers

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A recent CNBC Your Money Survey has shed light on a growing concern among Americans: rising financial stress and its direct impact on retirement savings. The survey was conducted by SurveyMonkey, which polled over 4,300 adults in late August. It found that 74% of respondents are grappling with financial anxieties, a 4% increase from April. Alarmingly, 41% of these workers are not contributing to their 401(k) or employer-sponsored plans, potentially jeopardizing their financial futures. 

The primary stressors identified in the report included inflation, escalating interest rates, and insufficient personal savings. While a majority, or 57%, are still contributing to retirement plans, a significant portion of the U.S. workforce seem to be missing this investment opportunity. Among those who are contributing to a plan, 46% contribute what they can afford, 24% save up to their employer’s match limit, 11% reach the year’s employee contribution cap, and 8% stick to the default amount set by their plan. 

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The 401(k) contribution limits in 2023 stand at $22,500 for workers under 50, with an additional $7,500 “catch-up” for those 50 and older, according to CNBC. It’s reported that some plans even permit after-tax contributions, allowing potential savings of up to $73,500 with catchups. However, the research further reveals that a concerning 46% remain unaware of their 401(k) investments, and 56% feel their savings fall short for a comfortable retirement. 

If the trend persists in the U.S., it could lead to a diminished average retirement savings indicating that even more in the workforce will delay retirement — contributing to a workforce with a broader age range. An older average age for employees will likely become a more common observation, with those from the Baby boomer generation working alongside younger Gen Z counterparts.  

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In light of these findings, both employers and policymakers should strategize to support workers in their retirement savings pursuits, ensuring a secure financial future for all. 

Source: CNBC
Tags: Work-life BalanceWorkforceWorkplace Wellness
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Dominic Catacora

Dominic Catacora

Dominic Catacora is a Staff Writer for Allwork.space. He is based in Pittsburgh, PA. He graduated from Radford University in 2017 with a Bachelor of Science degree in Media Studies - Journalism. He has previously covered the Historic Triangle as a journalist living in Williamsburg, Va, and is now focused on writing related to the future of work.

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