The First Quarter 2002 Principal Financial Well-Being Index sponsored by the Principal Financial Group found that half of respondents don’t foresee a benefit reduction this year. A third of those participating, however, expect to see some benefit cuts.
The most important parts of a benefit package, according to the survey results, are:
- health insurance,
- 401(k)s, and
- life insurance
Getting Investment Advice
Even though bearish sentiment has prevailed in the
markets lately, only 40% of respondents said they would
seek investment help from a professional financial planner
or advisor. A third doesn’t plan to get advice while 69%
reported they would get a helping hand from family or
While only a relatively small portion of investors plan to seek out professional advice, that doesn’t mean respondents are unconcerned about their financial future. For example, half of those questioned said they worried most about keeping their current job.
When asked to list their money worries:
- almost a third of the sample ranked long-term finances first,
- retirement savings were at the top of the list for 72%,
- credit-card and short-term debt was mentioned in 56% of the responses, and
- covering monthly expenses was a problem for 50% of respondents
The quarterly Principal survey covers 1,500 workers in companies with between 10 and 1,000 employees.