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Administration December 2, 2004
Survey: Americans Financially Stressed Out
February 24, 2003 (PLANSPONSOR.com) - A majority
(61%) of working Americans indicated they were experiencing
moderate to high levels of financial stress.
Reported by Fred Schneyer
According to the 2002 National Survey on Financial Stress and Retirement Saving from American Express, a quarter felt that their financial stress has gotten worse in the last 18 to 24 months.
Other survey results included that:
- women surveyed were 50% more likely than men to have experienced high or extremely high levels of financial stress in the past 18 to 24 months.
- financial stress was greatest among those with moderate or lower income levels. Respondents with incomes of under $40,000 were 84% more likely than those with incomes of $40,000 to $74,999, and 45% more likely than those with incomes of $75,000 or more, to have experienced high or extremely high financial stress in the past 18 to 24 months.
The November 2002 telephone survey covered 756 qualified consumer responses. Of those 493 were currently enrolled in a company sponsored retirement plan, and 263 had employers that offered a retirement plan, but they were not currently participating in it.