A recent survey published by Fidelity Investments suggests that Americans are feeling increasingly worried about financial pressures moving into 2024.
The survey, as reported by Fast Company, included over 3,000 adults, revealing that a third of Americans are feeling worse off financially than in 2022.
Going into 2024, the top three New Year’s resolutions by the respondents were saving more (41%), spending less (30%) and paying off debt (38%). Additionally, 40% of the survey’s respondents expressed concerns about inflation in 2024, and nearly a third described their relationship with money as stressful, according to the report.
This financial stress, coupled with conservative financial goals, paints a stark picture of a workforce increasingly preoccupied with economic concerns. The rise in financial stress could lead to decreases in productivity and employee engagement, impacting workplaces. Employers may need to respond by offering more comprehensive financial wellness programs and other benefits that address these rising concerns — such as flexible savings options or debt management assistance.
Most notably, the survey reveals a generational divide in financial optimism. A significant majority of Gen Zers (76%) and millennials (79%) believe they will be better off financially in 2024, compared to only 52% of baby boomers. This higher-than-expected optimism among younger generations suggests changes in workplace expectations and priorities. Younger workers may be more inclined to seek employers who offer robust financial wellness programs and opportunities for growth and savings.
Due to these concerns, companies might need to adapt their benefits and work culture to attract and retain younger talent.
