American workers’ confidence in their personal financial situation is at its highest level since 2018, according to John Hancock Retirement’s 8th annual Stress, Finances and Well-Being report.
As the effects of the pandemic have altered the American workforce in ways that continue to play out, this report is a snapshot of employees’ feelings about their finances and well-being as they continue to manage the impact of a lingering pandemic.
“The takeaway of this year’s report is the paradox that we have actually seen improved savings and confidence in personal financial situations in an ongoing pandemic. However, the positive behaviors resulting in this trend have not been fully adopted by participants,” said Lynda Abend, head of strategy and transformation, John Hancock Retirement. “This environment presents a unique opportunity to help people bridge their short-term improvements into actions that will bring them sustainable, long-term financial health.”
- Retirement planning (cited by 47 percent), paying off debt (43 percent), and ensuring savings are invested wisely (37 percent) were the top priorities for workers in the coming months.
- Approximately half of the survey respondents feel they’ll retire around the time they planned; 20 percent are unsure when they’ll be able to retire.
- When it comes to retirement expenses, employees are most worried about healthcare costs, with 68 percent indicating that it’s at least somewhat concerning.