Not a Member? Get access to HR news and resources that you can trust.
Standing desks and other innovative workstations can help counterbalance the negative health effects of sitting.
Is your employee handbook ready for the New Year? With SHRM’s Employee Handbook Builder get peace of mind that your handbook is up-to-date.
Get the HR education you need without travel expenses or time out of the office.
Elevate Your Talent Strategy. Join us in Chicago, IL – April 24-26, 2017.
Managing daily expenses and the cost of living were the No. 1 reasons why employees don't save (or save more) for retirement, with 53 percent of U.S. workers citing these factors, according to findings from the
2014 Retirement Confidence Survey, released by the nonprofit Employee Benefit Research Institute (EBRI).
"Existing debt is clearly an obstacle standing in the way of many needing to save for retirement," said Matt Greenwald, head of research firm Greenwald & Associates, which conducted the survey with EBRI. “Fifty-eight percent of workers and 44 percent of retirees say they are having a problem with their level of debt.”
"Those who are participating in a retirement plan, have calculated their savings need or worked with a financial professional are not only more confident, they have less debt and higher levels of savings," said Greg Burrows, senior vice president of retirement and investor services at The Principal Retirement Group, which co-sponsored the survey. "Having a plan for both spending and saving can help manage short-term needs and pave the way for more security in the future. The key is to take action."
Among other survey findings reported by EBRI:
"Perhaps the greatest challenge for HR professionals going forward is creating awareness among workers regarding their retirement options and continuing with educational programs and counseling," according to the Society for Human Resource Management's 2013 report
HR's Role in Preparing Workers for Retirement. "As the labor force grows older overall, retirement strategies will continue to be a focal point for HR for the foreseeable future."
Stephen Miller, CEBS, is an online editor/manager for SHRM.
Related SHRM Articles:
You have successfully saved this page as a bookmark.
Please confirm that you want to proceed with deleting bookmark.
You have successfully removed bookmark.
Please log in as a SHRM member before saving bookmarks.
Your session has expired. Please log in again before saving bookmarks.
Please purchase a SHRM membership before saving bookmarks.
An error has occurred
Recommended for you
SHRM-CP and SHRM-SCP Exam Application Deadline: March 24
SHRM’s HR Vendor Directory contains over 3,200 companies