Workplace Options News: Workers Fear Loss of Retirement Savings

Press Releases

Workers Fear Loss of Retirement Savings

Workplace Options Survey Shows Employees Are Stressed About Money, Future as Economy Worsens

Contact:
Christine Hall
chall@capstrat.com
919-882-1998

06 February 2009 – Raleigh, NC – The continuing economic decline and increasing number of layoffs have many workers concerned about the fate of their retirement savings. A new survey conducted by Workplace Options (WPO) reports that half of the respondents are stressed about making ends meet, and 59 percent are concerned that money from their pensions and 401(k)s won’t be there when they need it. Full results from the financial stress poll can be viewed at www.workplaceoptions.com/polls.asp.

In 2008, workers lost about $2 trillion worth of stock value held in individual retirement accounts, 401(k)s and other defined-contribution plans, according to the Boston College research center. As the economy, the markets and personal finances continue down a turbulent path, retirement savings continue to take a serious hit.

“Anxiety over personal finances and the security of retirement savings is causing significant stress for many workers, particularly as the threat of layoffs looms on their minds,” said Dean Debnam, chief executive officer for Workplace Options. “When employees are stressed about their future, it makes it harder for them to perform well on the job, often putting them in the line of fire for criticism from their supervisors. This, coupled with financial worries, can spell disaster for a worker’s emotional and physical wellbeing, as well as overall productivity.”

Other Workplace Options survey results included:

Two-thirds (74 percent) of workers are currently stressed by their jobs.
Of the 50 percent of workers stressed due to financial concerns, 65 percent were Hispanic, followed by 54 percent African American and 47 percent Caucasian.
Workers in the manufacturing industry reported the highest level of financial stress at 69 percent, followed by 55 percent of workers in finance and real estate.
While only 22 percent of workers nationwide said that financial stress is hurting their ability to do their job, 41 percent of workers in manufacturing and 36 percent in finance and real estate said it was.
Government workers are experiencing comparatively low levels of stress, with only 44 percent reporting they are stressed about their personal finances.
Women and men were equally worried about retirement savings.

To help employees better manage through these tough economic times, many employers provide financial consultation services as part of their work-life benefits programs. These services, provided through companies like WPO, offer employees comprehensive financial support and education to help them avoid trouble and reach financial goals. For example, counselors and educators can address questions on a variety of financial management issues including debt reduction, home buying, budgeting and prevention of foreclosure and bankruptcy.

Employee Satisfaction Surveys Now Online

Workplace Options is now posting employee satisfaction survey results to its Web site on an ongoing basis. For more information on employee stress related to the financial crisis and other workplace issues and trends, visit www.workplaceoptions.com/polls.asp.

The national survey on financial stress, conducted by the North Carolina firm of Public Policy Polling January 17 – 20, 2009, polled 568 adults. The survey has a margin of error of ± 4.1 percent.

About Workplace Options

Workplace Options helps employees balance their work, family and personal life in order to make their lives healthier, easier and more productive. The company's world-class employee support and work-life services provide information, resources, referrals and consultation on a variety of issues ranging from dependent care, legal and financial issues to stress management and wellness.

Drawing from an international network of credentialed providers and professionals, Workplace Options is the world's largest integrated employee support services and work-life provider. Service centers in Raleigh. N.C., London, Toronto and Dublin support more than 32 million employees in 20,000 organizations, across 170 countries. To learn more, visit www.workplaceoptions.com.