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Data & Research May 16, 2011
Majority of Employees Have Financial Stress
Eighty-six percent of employees surveyed by Financial Finesse said they have at least some financial stress.
Reported by Rebecca Moore
The survey found financial stress is heavily correlated with poor money management skills; however, those who report no financial stress and are doing a good job managing their day-to-day expenses, debts, and emergency savings accounts, are surprisingly lax about longer-term financial planning priorities, such as retirement planning. Sixty-seven percent of those who report having no financial stress indicate that they are not prepared for retirement, and less than half have drafted basic estate planning documents like wills and trusts to protect their assets.
The key demographic groups most vulnerable to having financial stress are women (90% report having financial stress), employees ages 30-44 (89%), and middle-income Americans making between $60,000 and $74,999 per year (94%).
Married employees (85%) reported less stress than single employees (87%).
The full survey report is here.