American employees worried more about financial matters in the third quarter of 2013 likely due to a growing awareness of their financial shortcomings in areas outside of day-to-day money management.
This is according to a report by Financial Finesse, a provider of financial wellness programs. The study shows that 41% of employees were uncertain about whether they’ll be able to meet future financial objectives, up from 34% during the same quarter last year and 33% during the same quarter in 2011.
Forty-three percent of employees said they worry how the U.S. economy and stock market will affect their financial future, up from 42% in the third quarter of 2012 and 40% in the third quarter of 2011.
And 19% of employees reported that they experienced high or overwhelming levels of financial stress in the third quarter of this year, compared with only 13% last year.
The increased sense of worry is likely due to a greater awareness among individuals about their financial vulnerabilities in areas beyond daily money management, according to the report.
“We believe employees are experiencing a reality check about their financial situations,” says Liz Davidson, founder and CEO of Financial Finesse. “Obviously, the recession and sluggish economy have provided a major wake-up call, but now we’re seeing more employees delving deeper into their finances—in particular, running a retirement plan projection, learning more about investing, how to minimize their taxes and even key details like the interest rates they are paying on their credit cards.”
The study also reveals that employees who are 45 and over displayed more interest in their financial wellness. Nearly half (48%) of all employees who took a financial wellness assessment in the third quarter of this year fell into this age group, up from 44% during the same quarter last year. This age group is likely more concerned about its financial well-being than younger workers because it faces more immediate challenges, such as planning for retirement, sending kids to college and dealing with healthcare costs, according to the report.
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