Benefits June 13, 2012

Workers Still Not Confident About Retirement Security

June 13, 2012 (PLANSPONSOR.com) - Despite taking proactive steps to keep their finances in check, only a third of workers (34%) believe they are saving enough money in order to live comfortably in retirement.
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Slightly more than half (51%) report they are making good progress toward achieving their long-term financial goals, according to the latest Principal Financial Well-Being Index. Workers who work with a financial professional are more likely to think they are making progress towards achieving their goals (62%) than those who do not use a financial professional (46%).  

Not saving enough (49%), debt (27%) and not starting retirement savings early in their careers (23%) are the top factors workers believe prevent them from being financially successful.  

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The Index also found many workers have given themselves a financial check-up in various ways, including: 

  • Monitoring spending levels (48%); 
  • Creating a budget (28%); 
  • Re-evaluating their investments (26%); 
  • Reviewing their insurance policies (18%); and 
  • Creating a financial strategy (17%). 

In addition, two-thirds of workers (66%) have an emergency fund they can access in the event of a job loss or other unanticipated major expense, up from 61% in the fourth quarter of 2009.  

The Principal Financial Well-Being Index is at http://www.principal.com/wellbeing/.

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