The impact of the pandemic on stress, finances, and well-being
The COVID-19 pandemic has changed the landscape of the American workforce. Our eighth annual survey of American workers highlights how respondents are feeling about their finances and well-being—and reveals a surprising opportunity for retirement plan professionals and sponsors.
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72%
say they've experienced moderate to extreme stress in the last six months
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59%
have experienced stress, depression, or loneliness in the last year
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58%
say their finances are a cause of stress
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46%
of workers expect things to stay the same in the next year
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Top 5 worries
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1
Concern about economic conditions
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2
Having enough saved for retirement
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3
Credit card debt
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4
Emergency savings
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5
Overall current financial situation
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89%
of workers feel it’s important for employers to offer a financial wellness program
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74%
say financial wellness programs help reduce financial stress
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66%
say a financial wellness program improves their company loyalty
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57%
say a financial wellness program increases their productivity
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40%
of workers say they'd be more productive if they didn't worry about their personal finances at work
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26%
of workers spend three or more hours per month on their finances while at work
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26%
increase in the cost of financial stress since 2019
Join us for a webinar to learn more
Our experts will share what we learned about participant well-being in our eighth annual survey. Plan sponsors can view our recent webinar. Financial professionals can register for the webinar being held on January 27.
Important disclosures
The content of this website is for general information only and is believed to be accurate and reliable as of the posting date, but may be subject to change. It is not intended to provide investment, tax, plan design, or legal advice (unless otherwise indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.
In August 2021, John Hancock commissioned our eighth annual financial stress survey with the respected research firm Greenwald & Associates. An online survey of 1,162 workers was conducted between 8/4/21 and 9/3/21 to learn more about individual stress levels, their causes and effects, and strategies for relief. This information is general in nature and is not intended to constitute legal or investment advice. This report presents the results of research conducted by Greenwald & Associates on behalf of John Hancock. Greenwald & Associates and John Hancock are not affiliated, and neither is responsible for the liabilities of the other.
The objectives of this study were to (i) quantify the financial situation and level of financial stress of John Hancock plan participants and plan participants outside of John Hancock; (ii) determine the key triggers of financial stress; (iii) understand the extent to which actions, including actual financial behavior and planning activity, ameliorate stress; and (iv) assess retirement preparation and readiness. It was an online survey with an average length of approximately 19 minutes per respondent. All statistical testing is done at 0.95 and 0.99 significance levels. The maximum margin of sampling error at the 95% confidence level is ±4.1%. Percentages in the tables and charts may not total to 100 due to rounding and/or missing categories.
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