Despite improvement in their financial wellbeing, U.S. workers remain worried

About this update from Willis Towers Watson Public Limited Company

[{"type":"text","content":"Willis Towers Watson survey finds nearly two in five employees live paycheck to paycheck, lack emergency savings\nARLINGTON, Va., Feb. 11, 2020 (GLOBE NEWSWIRE) -- U.S. employees’ financial wellbeing has improved, but many still live paycheck to paycheck, overspend and remain worried over the future state of their finances. The fallout from these financial problems leads to a broad set of issues that negatively affect many workers’ lives. These findings are according to a survey of 8,000 U.S. employees by Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company.\n The Global Benefits Attitudes Survey found 43% of U.S. workers are satisfied with their financial situation, an increase from 35% in 2017. Employee satisfaction with their finances has now recovered to levels seen between 2011 and 2015. Additionally, four in 10 (42%) say their financial situation has improved over the past two years, and nearly six in 10 (58%) believe their finances are heading in the right direction. However, the survey revealed some worrisome findings: 38% of employees live paycheck to paycheck.39% of employees could not come up with $3,000 if an unexpected need arose within the next month.18% of employees making more than $100,000 annually live paycheck to paycheck.70% of employees are saving less for retirement than they think they should.32% of employees have financial problems that negatively affect their lives.64% of employees believe their generation is likely to be much worse off in retirement than that of their parents. “Financial health is not just about income. The impact of financial problems on employees’ health and stress, even for those who aren’t living paycheck to paycheck, is unmistakeable,” said Steve Nyce, senior economist, Willis Towers Watson. “Many employees are struggling with their financial situation even as the job market and economic conditions improve. Some employees struggle to pay for their basic needs, including health care, while others are falling behind in saving for retirement. No matter the source, financial stress has a negative impact on their lives, underscored by hampering their ability to perform effectively at work.” Financial stress is having a negative effect on employee productivity, engagement and health. This is especially true among “struggling” employees, identified...

More updates from Willis Towers Watson Public Limited Company