Survey: Workers ultra-stressed over finances, retirement savings
- A survey commissioned by John Hancock Retirement Plan Services found that that 45% of working-age households go without a retirement account, and workers between the ages of 25 and 64 who do have an average balance of $2,500.
- The result? Seventy-five percent of people have experienced moderate to high stress in the last six months, with 66% saying their finances cause stress. Of that group, 61% say the stress manifests itself psychologically or physically.
- Based on those and other findings, American workers appear to be stretched thin and stretched out.
Speaking at the PLANADVISER National Conference in Orlando, Fla., recently, Patrick Murphy, president of John Hancock, said “Finance is the number one cause of stress, and while there are competing priorities, retirement planning remains a top concern." Murphy estimated that financial stress in the workplace costs employers $300 billion a year in lost productivity and absenteeism.
The good news is that employers are beginning to recognize the problem and taking action, Murphy added. For example, 76% of employers responding said they are "somewhat or very likely to create a financial wellness program" in the next six months.
“Companies are starting to think more about the emotional wellness of their employees,” Murphy said. “Stress management is a critical component of a company’s wellness strategy, and can be addressed through workshops, webinars and targeted communication tools.”
- Plansponsor.com Employees Are Stressed Out and Stretched Thin