Many consumers, especially young people, may not have perfect financial situations. This can be on their minds often, and it could distract them from their everyday lives.
This is the case for 44 percent of those who have full-time jobs, as they are worrying about their financial future while still at work, according to a report from Purchasing Power. Nearly 30 percent of those polled explained they worked on their financial strategy while on the job. Close to half of that figure noted they are working on these issues between two and three hours each week in order to better manage it. One of the ways some consumers may improve their situation is through financial wellness plans taken up by their company, as these have some successes.
“Stress over money takes both a mental and physical toll on workers, impacting health-related costs and reducing productivity by a significant number,” said Richard Carrano, president and CEO of Purchasing Power. “Employees’ financial problems become the employer’s problems as well. When employers help employees with their financial wellness, it pays off. Employees experience a better financial well-being and feel less stress.”
Despite the worries, nearly 45 percent of consumers explained their financial position is better now than it was 12 months earlier, the report noted. However, close to 30 percent are in a spot where they struggle to pay off major expenses on a month-to-month basis.
Millennials struggle with retirement planning
While many consumers are struggling with finances and spending a significant amount of time worrying about it, this may be more of a pressing issue for young people.
Close to two-thirds of young workers noted that they will retire by the time they reach 65 years of age, a report from MainStreet.com and GfK explained. However, seven in 10 of these individuals have not done anything in order to save for that day.
Those with the option of a retirement plan through their employer have made some progress, though. The report noted that 60 percent of millennials with this choice have taken advantage of it. These workers explained that they can use the funds later as a significant part of their retirement plan.
It also may help some young people to look at insurance options, as their elders have. The report added that seven in 10 of those in the baby boomer generation have some type of life insurance policy.