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Employers take note: Many of your workers are so stressed out about saving and preparing for retirement that it’s hurting their job performance.
That’s according to the latest annual survey by the Employee Benefit Research Institute (EBRI), which has been gauging workers’ and retirees’ confidence about retirement for 27 years. This year, for the first time, EBRI asked workers about the anxiety of preparing for retirement.
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Three out of 10 workers admitted to feeling mentally or emotionally stressed. The same number say they worry about their finances on the job, and half of them say they would be more productive employees if they didn’t fret about money.
Stressed-out workers tend to be those who live paycheck to paycheck, struggle with debt and haven’t started taking steps to build a secure retirement, such as saving or calculating how much money they will need, says Craig Copeland, coauthor of the EBRI study.
“They are kind of lost when it comes to financial planning,” Copeland says. “They know they should be doing something, but they really don’t know what to do. So they are worrying instead of doing anything.”
The EBRI survey polled nearly 1,700 retirees and workers age 25 and up. Among the other findings:
- Fewer workers this year express confidence that they will be able to afford a comfortable retirement. Sixty percent express confidence, compared with 64 percent last year.