Workers Still Not Confident About Retirement Security

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.