Between worries surrounding inflation, a possible recession, and higher costs of living, it’s no surprise that employers nationwide are citing financial anxiety and stress as a top concern.
In fact, a recent poll from Betterment at Work, a New York City-based financial services firm, found that 28% of respondents withdrew money from their retirement accounts to cover immediate expenses.
Another 75% of respondents said that “market volatility” has impacted their retirement account balances.
What’s more, overall employee financial health is on a downward trend, with 40% of employees rating themselves as financially stable—a 9% drop from last year.
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