(PRWEB) April 13, 2012
Big4.com, the premier social networking forum for professionals and alumni of Accenture, Andersen, BearingPoint, Capgemini, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers, PwC, has looked at information from PwC US’s 2012 Financial Wellness Survey and found that concerns from the recession and slow economic growth continue to erode employees’ retirement confidence and overall financial wellness.
Big4.com reports that almost 1,700 full-time or self-employed adults were surveyed and because of tight cash flow issues, more 53% of employees carry balances on credit cards. That’s up three percentage points from 50% in 2011. There were other financial concerns that rose from last year including being laid off (22% vs. 11%), not being able to face debt financially (14% vs. 13%), losing a home (7% vs. 5%), and not being able to pay for college educations (6% vs. 5%).
More than one-third (35%) of respondents thought they will need to use their retirement plans to pay for other expenses like education funding or a home purchase. Big4.com reports the numbers were higher for younger employees: 46% of those age 21-34 report the likelihood of using money held in retirement plans for other expenses Nearly one-third (29%) of respondents have already redirected money.
Kent Allison, Partner and National Practice Leader in PwC’s Financial Education practice clarified the findings:
“Competing financial issues are pressuring employees to deprioritize retirement funding by saving less or in some cases, not saving at all,” he said. “Employees are being forced to extinguish more immediate fires – such as making a monthly credit card payment or paying a child’s college tuition – over retirement saving, which from a long-term perspective is highly risky behavior that can leave employees severely underfunded for retirement as they deal with increased longevity and rising healthcare costs down the road.”
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