Most workers say they can handle everyday money decisions, but a new PNC survey finds that confidence drops sharply when it comes to bigger financial questions like retirement, investing, and healthcare costs, exposing a gap that’s increasingly spilling into the workplace.
Confidence Doesn’t Match Actual Preparedness
Seventy-one percent of workers surveyed said they feel confident building a savings plan, but only a third demonstrated strong proficiency in core financial knowledge. That gap becomes more visible around long-term planning, where fewer workers feel equipped to navigate investing, retirement, or emergency savings.
The consequences aren’t staying confined to workers’ personal lives. Eighty-five percent said they worry about their finances during work hours, spending roughly three and a half hours a week on those concerns while on the clock. Employers report seeing the fallout directly, through lower productivity, more requests for pay advances, wage garnishments, and employees borrowing against their retirement accounts.
Employers And Workers Don’t See Eye To Eye
The survey also found a notable gap in outlook between employers and their staff. Seventy percent of employers said they feel optimistic about the economy, compared to just 47% of workers, and 86% of workers said inflation hurt their finances this year.
That disconnect is even wider on retirement. Three-quarters of employers believe their workers are at least somewhat prepared to retire, but only 45% of workers agree, and just 10% describe themselves as very prepared. Fifteen percent say they don’t believe they’ll ever be able to afford to retire at all.
Professional Guidance Makes A Measurable Difference
Workers who’ve worked with a financial planner or advisor, about 42% of respondents, reported notably higher confidence across budgeting, saving, investing, retirement planning, and debt management. For workers without access to an advisor, employer-provided financial education could fill some of that gap: while only 32% of employers currently offer this kind of benefit, more than half of workers without access said they’d use it if it were available.
Employers Are Paying Closer Attention To What Works
The demand for financial education is emerging as employers increasingly scrutinize their benefits spending. Sixty-five percent of employers now track the return on investment of their benefits programs, up from just over half a year earlier. Separately, nearly all employers, 95%, say they’re either already using AI in HR operations or plan to soon.
PNC executives say the findings point to an opportunity for employers to focus less on simply offering benefits and more on helping workers actually understand and use them, arguing that better financial education and personalized guidance could meaningfully improve workers’ long-term financial stability.
