Thirty-seven percent of Americans report feeling “not very” or “not at all” financially secure, while the majority (54%) describe themselves as “somewhat secure,” according to the MassMutual Middle America Financial Security Study.
Overall, 63% of respondents strongly or somewhat agree they are behind on preparing for retirement. More than half indicate they wish their employer offered more resources to help them prioritize their finances (52%) and wish their employer did more to educate them about saving for retirement (51%).
Eight in 10 respondents earning less than $45,000 annually strongly or somewhat agreed they are behind on preparing for retirement compared with 54% of those earning $75,000 to $150,000 annually. In addition, 62% of those earning less than $45,000 annually want employer help prioritizing their finances, compared to 47% of those earning $75,000 to $150,000 annually.
Debt is the biggest single financial issue facing Middle America. Overall, 22% of respondents cited debt as their top financial problem with more Millennials and Generation Xers saying so, the study found. As middle Americans age, respondents reported, health care costs rise in importance, becoming the No. 1 concern for Baby Boomers.
“MassMutual’s study shows that employers may have opportunities to play a bigger role in helping their employees strengthen their finances, including deploying more educational resources on retirement savings and money management, benefits to help employees manage both short- and long-term financial challenges, and promoting the link between financial wellness and overall wellness,” says Teresa Hassara, leader of Workplace Solutions at MassMutual.The internet-based research was conducted on behalf of MassMutual by Greenwald & Associates and polled 1,010 working Americans ages 25 to 65 who had annual household incomes of between $35,000 and $150,000 and participated in making household financial decisions. The study report can be found here.