Debt, Lack of Retirement Savings Top Financial Concerns in Survey

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Many say their credit card debt is driven by groceries (52%), vehicle expenses (49%) and household utilities (36%). Image: jason cox/Shutterstock.com

By: FEDweek Staff

While overall concerns among workers about their financial and physical well-being have been trending down, three-fourths still say their level of debt is a problem for them as well as half who say the same about their level of retirement savings, a survey has found.

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The Employee Benefit Research Institute said its latest “workplace wellness survey” found that overall, financial well-being concerns fell from 6.9 to 6.3 on a 10-point scale between 2022 and 2024, physical concerns fell from 6.2 to 5.7, and mental concerns from 5.8 to 5.5.

“While concerns about well-being have trended down during the past two years, some American workers continue to face challenges affording their basic needs. Of the three-quarters who report that their level of debt is a problem, nearly eight in 10 cite problematic credit card debt,” it said.

“Many say their credit card debt is driven by groceries (52%), vehicle expenses (49%) and household utilities (36%), indicating that these debt issues may come from paying for everyday necessities,” it added.

In addition to concerns about inadequate savings, about seven-tenths worry that their employer will cut back on their retirement benefits, it found.

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On the positive side, six-tenths said their retirement savings “contributed a lot to their feelings of financial security, up from 2023. Additionally, half agreed that their retirement plan savings were the only significant emergency savings they had, a decrease over the levels observed in 2023.”

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