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Retirement is moving farther out of reach for most workers as nearly half of employees report living paycheck-to-paycheck and the number of people who expect to work past 70 skyrockets.
The 2024 Global Benefits Attitudes Survey, published by WTW, surveyed 10,000 U.S. employees to reveal this sentiment is being driven by rising costs of living, as 88% of U.S. workers say they struggle to meet basic living costs.
Moreover, almost half, or 46%, said they are “extremely worried,” about essential expenses such as food, healthcare, housing, and transportation.
This stark reality coincides with a rising number of employees living paycheck to paycheck this year. The data reveals the percentage living paycheck to paycheck reached 44% this year — up from 37% in 2020. Additionally, the proportion of workers who report being worse off financially than the previous year has sharply increased from 16% in 2019 to 33% in 2024.
With these growing concerns about financial stability, many workers fear they won’t be able to retire comfortably. About 41% of employees acknowledge they, “are not on the right track with respect to their finances,” and 21% foresee their situation worsening over the course of next year.
The data reveals a notable divide between the demand of financial wellbeing support from employees and what employers prioritize. While 66% of employees rank financial wellbeing highest among the support they seek, only 23% of employers place it at the top of their wellbeing initiatives for the next three years.
These challenges have led the average retirement savings account to suffer over.
Nearly half (46%) of workers in the survey now expect to work past the age of 70 — up from 30% before the pandemic. Also, 79% of workers admit they aren’t saving enough for retirement, and only 52% feel they are on the right track as it pertains to their retirement savings.
The data shows an urgent need for responsive employer support to help employees navigate personal finances as living costs soar.
