In the United States, 42% percent of people say that household finances cause “somewhat high” or “very high” stress levels compared to other areas of their lives.
A survey conducted by industry research group LIMRA suggests that these high stress levels may be due to the fact that many people have insufficient savings; 42% of Americans have no rainy-day savings and only 18% are debt-free. Although 60% of those who are still in the workforce say they are saving for retirement, only 32% have a long-term financial plan.
The LIMRA survey also showed that more than a third (38%) of employed people would like to have access to one-on-one advice with a financial advisor through their employer. Of those in the Generation Y age group (ages 25 to 34), more than half said they would like to have this benefit.
"Consumers with the highest stress levels are looking for basic financial education like budgeting, reducing debt and understanding employee benefits," says Jennifer Douglas, associate director of development research at LIMRA. "Effective financial wellness programs should address these fundamental topics, as well as retirement planning and other long term interests.”