Financial Struggles Deter US Workers from Retirement Planning
The financial struggles of American workers are causing them to delay retirement planning and savings, according to a recent survey by Goldman Sachs Asset Management.
The 'The New Economics of Retirement' report found that almost a third of full-time workers and nearly half of Gen X-aged workers said their current job barely covers their expenses. As a result, more than 60% of those surveyed admitted they had taken on outside work to increase their disposable income.
The survey also revealed that financial issues are causing stress on the job, with 54% of respondents saying their money concerns make it difficult to focus at work, and 32% admitting they'd missed work due to financial challenges.
Greg Wilson, GSAM's Head of Retirement, said 'workers may look financially stable externally, but underneath, they're working more, delaying major goals, and supplementing their income.'