Nearly two-thirds (63 per cent) of U.S. workers say their financial stress increased in 2022, according to a new survey by the Hartford Financial Services Group Inc.
The survey, which polled more than 900 employees, found more than half (56 per cent) said their financial stress negatively impacted their mental health, a percentage that increased among workers aged 18 to 34 (67 per cent) and those aged 35 to 54 (58 per cent).
More than half (53 per cent) of employees aged 18 to 34 said they’d like their employer to assist with financial coaching and 46 per cent said they’re comfortable talking about their personal finances in the workplace. By comparison, just 38 per cent of workers aged 35 to 54 said they want financial coaching from their employer and 39 per cent said they’re comfortable discussing finances at work.
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While respondents cited savings (49 per cent) as the No. 1 financial resource they’d rely on if unable to work for 12 or more weeks, 39 per cent said they’ve saved less than $1,000. Among those with little or no savings, women (42 per cent) were more likely than men (20 per cent) to have savings of $500 or less.
The majority (81 per cent) of respondents said they’re taking steps to prepare for a possible recession, including cutting back daily expenses (40 per cent), paying off debt (30 per cent) and increasing contributions to savings or investments (23 per cent).
The survey also found Hispanic (89 per cent) and Black (87 per cent) workers are more likely to be taking action to prepare for a possible recession than white workers (78 per cent).
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