Despite the U.S.
unemployment rate falling and workers finding a little extra in their
paychecks, thanks to tax reform, employees still aren’t confident about
reaching their long term goals.
That is the finding of
the PwC US’s 2018 Employee Financial Wellness Survey.
Less than half are confident
they’ll be able to retire when they want, and nearly two-thirds either say
their retirement plans and Social Security won’t be sufficient to support them
in retirement or they aren’t sure.
Forty-two percent say it’s
likely they’ll need to use money held in retirement plans for other expenses.
That number is much higher
among employees who are stressed about their finances or impacted by student
Healthcare is becoming a
bigger concern in decision making.
Employees are stressing over
uncertainty regarding healthcare and are pressed to support both aging parents
and adult children.
For the first time, this
survey’s results find that among Baby Boomers’ reasons for delaying retirement,
needing to keep healthcare coverage is a more popular choice than simply not
wanting to retire.
A growing number of
employees, now more than one in five, would be willing to sacrifice future pay
increases for better healthcare benefits.
The survey also looked at
the financial burden faced by employees who support their adult children.
42% provide financial support
to their adult children and more than half are willing to sacrifice their own
financial well-being to do so.
“We counsel increasing
numbers of younger employees who are experiencing the financial impact of
helping their aging parents navigate often overwhelming healthcare expenses,
just as these younger employees are wrestling with their own financial
challenges,” said Kent E. Allison, leader of PwC’s Employee Financial Education
& Wellness practice. “Employees caught in the middle supporting both their parents
and their adult children may find themselves in a particularly precarious
position, unable to provide for their own financial well-being.”
When asked what causes them
the most stress in their lives, nearly twice as many employees say financial
matters as compared to job stress.
PwC’s Employee Financial
Wellness Survey tracks the financial and retirement well-being of working US
adults incorporating the views of 1,600 full-time employees.
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