Stress, finances, and well-being: driving behaviors that matter
Our ninth annual survey of American workers reveals how they’re coping in this economic climate—and support that can help make a difference.
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Three areas causing financial concern
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1
Having enough saved for retirement
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2
Credit card debt
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3
Emergency savings
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38%
think they’ll now retire later than planned
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8 in 10
worry about their finances at work
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3.3 hours
is the average time spent on finances at work each month
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82%
say access to these resources helps reduce financial stress
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78%
would be more likely to stay with an employer who offers them
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77%
would recommend the employer to others
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70%
say access to these resources increases productivity
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Workers who are actively engaged with their finances are more likely to feel good about their situation.
86%
who work with a financial professional, have a financial plan for retirement, and use a financial wellness program feel good about their finances, compared with
45%
who do none of these things
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One-on-one advice helps strengthen financial well-being.
People who work with a financial professional are
3x
more likely to say their retirement savings is ahead of schedule
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The average contribution rate is 20% higher for workers who open multiple emails about retirement planning.
The average retirement plan contribution rate is
9.4%
for workers who opened six or more emails
versus
7.8%
for workers who opened one or two emails
Get more insight to help drive behaviors that matter
Hear from our specialists
An informative discussion about the findings in our ninth annual report and the opportunities they create for financial professionals and plan sponsors.
Important disclosures
John Hancock’s ninth annual stress, finances, and well-being survey, John Hancock, Edelman Public Relations Worldwide Canada Inc. (Edelman), December 2022. This information is general in nature and is not intended to constitute legal or investment advice. Edelman and John Hancock are not affiliated, and neither is responsible for the liabilities of the other. This report presents the results of research conducted by Edelman on behalf of John Hancock. The objectives of this study were to (1) quantify the financial situation and level of financial stress of John Hancock plan participants; (2) determine the key triggers of financial stress; (3) understand the extent to which actions, including actual financial behavior and planning activity, ameliorate stress; and (4) assess retirement preparation and readiness. This was an online survey of 3,825 John Hancock plan participants. The survey was conducted from 11/29/22 through 12/14/22, with an average survey length of approximately 18 minutes per respondent. Respondents were located from a list of eligible plan participants provided by John Hancock. All statistical testing is done at 0.95 significance levels. The maximum margin of sampling error at the 95% confidence level is ±1.3%. Percentages in the tables and charts may not total 100 due to rounding and/or missing categories.
John Hancock Retirement Plan Services LLC offers administrative and/or recordkeeping services to sponsors and administrators of retirement plans. John Hancock Trust Company LLC provides trust and custodial services to such plans. Group annuity contracts and recordkeeping agreements are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA (not licensed in NY), and John Hancock Life Insurance Company of New York, Valhalla, NY. Product features and availability may differ by state. Securities are offered through John Hancock Distributors LLC, member FINRA, SIPC.
John Hancock Investment Management Distributors LLC is the principal underwriter and wholesale distribution broker-dealer for the John Hancock mutual funds, member FINRA, SIPC.
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