62% of workers cut savings due to economic worries.
By The Exchange Team
Employees' 401(k) funds may have taken a blow as a result of recent market volatility, but it isn't the only reason balances may be lower.
Morgan Stanley at Work shows 62% of employees have cut short- and long-term savings amid high prices and economic fears.
Almost 31% of respondents cut 401(k) contributions And 26% have slowed debt repayment.
Also 25% cut long-term savings, 24% emergency and short-term savings, 19% HSA payments, and 13% college savings.
Moreover, 71% of employees reported money-related stress affected their job and personal lives, up 7% from 2021.
While, 84% of HR leaders worry personal financial difficulties impair employee productivity.
The online survey was conducted between July 13 and July 19, and it comprised 1,000 employed persons and 600 human resource leaders.