TMCnet News
American Workers Feeling More Financially Fit Going into this Holiday SeasonAmerican workers are feeling more financially healthy than they did a year ago, according new research from the Principal Financial Group®. The Principal Financial Well-Being IndexSM: American Workers, found that 46 percent of workers surveyed between October and November of this year consider themselves financially healthy, up 18 percent from last quarter. With their perceived financial health improving, 33 percent of workers say paying down debt is their top money management priority, while 24 percent say saving for retirement is their top goal. Additionally, a majority of workers (65 percent) planned to give back this holiday season with either charitable donations or volunteer work. The study also found that while workers' economic outlook remains mixed, overall sentiment has decidedly improved. Down from 57 percent last year, just 47 percent of workers view the U.S. economy as unhealthy, while 26 percent view the economy as healthy, up from 17 percent last year. "Coming into the holiday season, it's encouraging to see workers are feeling better about their financial health," said Luke Vandermillen, vice president with The Principal®. "We're especially happy to see increased confidence resulting in paying off debts as well as saving for retirement. However, the fact that Americans are looking to give back to those less fortunate is certainly the most heart-warming finding from this quarter's survey." The Principal Financial Well-Being Index: American Workers surveyed more than 1,110 American workers working at small to mid-sized business across geographies and demographics. The Index is part of a series of quarterly studies commissioned by The Principal Knowledge Center examining the financial well-being of American workers, business owners and advisor opinions and practice management. The survey is conducted online by Harris Poll®.
Holiday Spending "While this is a great time for getting together with family and loved ones, there is certainly stress that comes with affording gifts, travel and other expenses during the holiday season. We are glad to see the majority of American workers are taking actions to stay within a well-planned budget to avoid taking on increased debt during the holiday frenzy," added Vandermillen.
Workers Not Sweating The Holiday Stress
2015 Resolutions
However, 35 percent (up from 28 percent last year) said they do not plan on making a financial resolution for 2015. Many of workers' top concerns from last year's survey noticeable decreased in this year's study. Healthcare costs (52 percent, down 10 percent), food prices (45 percent, down 13 percent from last year) and economic uncertainty (42 percent, down 21 percent from last year) all showed significant declines as top concerns for workers. For more research, analysis and insights, visit The Principal Knowledge Center and connect with us on Twitter.
About The Harris Poll
About the Principal Financial Group
1 "The Principal Financial Group" and "The Principal" are
registered service marks of Principal Financial Services, Inc., a member
of the Principal Financial Group.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20141209005897/en/ |