Financial stress affects most Americans, including most retirement plan participants
For six years, John Hancock has surveyed retirement plan participants to learn how their overall financial situations and retirement savings affect each other so we can come up with relevant solutions for both.
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Finances continue to cause stress, in spite of improving financial conditions
More people have a good to
excellent financial situation.
More people feel stressed
by their finances.
More people worry about having
Lack of financial literacy keeps people from improving their financial situation
are very knowledgeable about managing debt
are very knowledgeable about budgeting
are very knowledgeable about personal saving strategies
are very knowledgeable about retirement saving strategies
Financial stress has a cost to the employer
Almost half of workers say they’d be more productive at work if they weren’t worried about their personal finances.
Almost half say they spend time on their personal finances at work.
5% of participants have missed a day or more of work in the last six months due to financial stress.
People have trouble with the basics of personal finance
The top three financial worries are:
A quarter of participants have no emergency
16% of baby boomers
31% of Generations X, Y, and Z
Retirement savings are falling behind
Retirement savings status
% of participants
- Ahead of schedule
- On track
- Not sure
- Behind schedule
People need advice
Almost two-thirds of participants would like to get investment advice.
- 46% use their own discretion in choosing their investments.
- 26% use a broker/advisor.
- 23% don't pay attention to their retirement investments.
- 16% use online tools.
A quarter of participants overall work with a financial advisor, and usage goes up with age.
- 12% of Generation Z
- 12% of millennials
- 21% of Generation X
- 36% of baby boomers
Financial wellness programs help
About 7 in 10 workers feel financial wellness programs have helped reduce their financial stress and have increased their loyalty to their employer.
Workers with access to a financial wellness program worry less about:
Not having enough retirement savings
Not having enough emergency savings
Having financial difficulties
Their overall financial situation
John Hancock and Greenwald & Associates are not affiliated and are not responsible for the liabilities of the other.
John Hancock's sixth annual financial stress survey, John Hancock and Greenwald & Associates, 2019. A survey of more than 3,500 workers to learn more about individual stress levels, their causes and effects, and strategies for relief.
The content of this document is for general information only and is believed to be accurate and reliable as of the posting date, but may be subject to change. John Hancock does not provide investment, tax, or legal advice (unless otherwise indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made here.