Slightly more than half (51%) report they are making good progress toward achieving their long-term financial goals, according to the latest Principal Financial Well-Being Index. Workers who work with a financial professional are more likely to think they are making progress towards achieving their goals (62%) than those who do not use a financial professional (46%).
Not saving enough (49%), debt (27%) and not starting retirement savings early in their careers (23%) are the top factors workers believe prevent them from being financially successful.
The Index also found many workers have given themselves a financial check-up in various ways, including:
- Monitoring spending levels (48%);
- Creating a budget (28%);
- Re-evaluating their investments (26%);
- Reviewing their insurance policies (18%); and
- Creating a financial strategy (17%).
In addition, two-thirds of workers (66%) have an emergency fund they can access in the event of a job loss or other unanticipated major expense, up from 61% in the fourth quarter of 2009.The Principal Financial Well-Being Index is at http://www.principal.com/wellbeing/.
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