Financially stressed workers likely to draw on retirement plans
This article was published on May 24, 2018 on Employee Benefit News written by Nick Otto.
Financial stress is taking its toll on employees, causing them to partake in rather risky money behavior: tapping into their 401(k) or other retirement savings in an attempt to get back on track.
More than half of workers (54%) who identify as being financially stressed say they will likely use their retirement funds for expenses other than retirement, according to PwC’s 2018 Employee Financial Wellness Survey, out this week. That’s compared to 33% of their colleagues who say they’re not stressed about finances.
“Our survey indicates that […]