This years’ Voice of the American Worker Study found that two-thirds of American workers (66%) are experiencing negative effects from economic uncertainty.
The recent survey, conducted by the Harris Poll on behalf of Franklin Templeton and the Retirement Innovation Initiative, polled 1,000 employed adults in October 2022. Respondents stated that financial anxiety from the current economic landscape caused a variety of mental health issues.
- Nearly one third (30%) reported that financial stress has affected their sleep.
- A quarter (25%) reported experiencing strain in their personal relationships.
- Nearly one quarter (22%) stated they feel distracted at work.
- Additionally, 42% or respondents said that they feel “highly stressed” by their financial health – up from 35% a year ago.
One contributing factor, that appears to loom heavy over workers heads is financial security in retirement. The current economic uncertainty is pushing back milestones like retirement for many working adults. Prior to the pandemic, many American workers had planned to retire at age 62. These plans have now been pushed three years back to 65, according to the survey results. Of the respondents, 73% agreed with the statement that “soaring living expenses changed the way I envisioned my retirement” .
Despite concerns about retirement readiness, 81% of workers reported their primary financial goal is financial independence or having enough income or wealth to pay their living expenses without having to be employed or dependent on others.
“With the stress of a potential recession on the horizon, it’s critical for employers to check in with their employees to see how they’re feeling and offer comprehensive, personalized support,” Yaqub Ahmed, head of U.S. retirement, insurance and 529 at Franklin Templeton, said in a press release.