——     Inside the Wallets of Working Americans


Trickle-down effects:
A shaky foundation

The ability to plan for the future is an integral element of financial wellbeing. Unfortunately, many employees are currently unable to build strong foundations for their financial future - namely, in the areas of retirement savings and homeownership. 

Retirement savings

  • 53% of people with retirement savings say they don’t know if it will be enough to retire on
  • 38% say they aren’t making sufficient contributions to their retirement savings – 25% of people with a retirement plan reduced their contribution because of inflation
  • 22% borrowed from retirement savings in the past year. 64% say that it was their least expensive loan option
  • 62% of people are nervous that inflation will affect their retirement savings and/or timing to retire
  • 61% of people are nervous that a potential recession will affect their retirement savings and/or timing to retire

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Homeownership

  • 55% of people who can't afford a home cite rising interest rates

  • Of those Millennials who don’t own a home right now, 42% of them said it’s because they cannot afford to, and 68% of them feel negative about that

  • 56% of women can't afford a home due to rising interest rates

 

% who say they can't afford a home due to rising interest rates

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