Employee confidence in retirement, financial satisfaction improving: Towers Watson
By Lauren McNitt
ProWEB Wire (Industry News)
American works are happier with their financial situation that a year ago and fewer are reporting significant declines in their retirement savings, yet many remain concerned about retirement.
A new Towers Watson survey found 68 percent of employees said they are very or somewhat comfortable about having enough resources to live comfortably 15 years into retirement. This is up from 62 percent in 2010. However, fewer than half of workers (47 percent) said they thought their savings could last 25 years into retirement, compared to 40 percent last year.
The survey found fewer employees are seeing significant declines in their retirement savings, accounting for the increase in confidence. Forty-seven percent said they had experienced a significant decrease in 2011, compared to 55 percent in 2010 and 60 percent in 2009.
In addition, employees are increasingly satisfied with their financial situation, with 41 percent reporting satisfaction in 2011, compared to 33 percent in 2010. Nevertheless, 3 in 5 workers are generally unsatisfied with their financial situation.