Workers Falling Behind in Savings

The survey of more than 6,000 workers found that 41% say they often or always live paycheck-to-paycheck. Fourteen percent of workers save $500 or more per month, 28% save $100 or less per month and 16% save less than $50. Twenty-five percent do not participate in a 401(k), individual retirement account (IRA) or other retirement plan.

Those figures are better among those bringing in $100,000 or more annually with 19% often or always live paycheck-to-paycheck; 18% save $1,000 or more per month, 30% save $250 or less, 12% save $100 or less and 7% save nothing. One-in-ten of these respondents do not participate in a 401(k), IRA or other retirement plan.

“One-third of workers report they don’t have enough income to live comfortably,” said Rosemary Haifner, vice president of human resources at CareerBuilder.com. “And while a bigger paycheck may help, planning ahead and maximizing benefits offered by employers can also play a major role in stretching your dollar.”

Other survey results include:

• 58% of workers set a budget each pay period, but 21% don’t stick to it;
• 47% of women say they often or always live paycheck to paycheck compared to 36% of men;
• 41% of women say they don’t have enough income to live comfortably compared to 29% of men; and
• 26% of women don’t set aside any savings each month compared to 17% of men.