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Strong Support for Employer Plans Amid High Personal Economic Anxiety

Practice Management

Anxiety about personal economics is running high, and one of the long-term answers to which Americans are looking is the employer-provided retirement plan. 

A majority of the more than 2,000 participants polled are anxious about their current financial situation, according to a survey commissioned by DailyPay and the Funding Our Future Coalition. And it only gets higher at lower income levels and among young people: 67% of those with a household annual income below $50,000 and 71% of those ages 18-34 have such worries. 

Researchers also found that the population of those who are in a worse economic state than before the pandemic began is top heavy with lower-income people. Twice as many of those with annual household income of $100,000 or more have more saved now than have less in savings since the start of the pandemic, while nearly three times as many people with household incomes of less than $50,000 have less in savings now than have more since the pandemic began. 

Employer-provided retirement plans receive the endorsement of a strong majority of employed Americans ( 87%). Nearly one-third said that it is somewhat important that an employer offer one; a majority call that very important. Two-thirds of employed Americans said it was somewhat or very likely that they would switch employers if their employer did not offer a retirement plan, and even more—79%—of employed people with children younger than age 18 said it was likely that they would do so.