WASHINGTON, March 22, 2016 /PRNewswire/ -- American workers' confidence in having enough money to live comfortably throughout retirement continues to remain steady, according to the 2016 Retirement Confidence Survey. Ticking down just one percentage point from last year, 21 percent of workers say they are very confident, up significantly from 2013's record low of 13 percent.
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While confidence remains steady, the number of workers currently saving for retirement is actually on the rise. Sixty-three percent of workers report they're saving, which is the highest level since it hit 65 percent in 2009.
"Events like the volatility in the market that greeted us in January can be distracting, so it's great to see workers remaining confident and continuing to save with the long-term in mind," said Luke Vandermillen, vice president of retirement and income solutions at Principal®. "It's important to stay focused in order to make progress toward your savings goals, especially in a noisy environment."
Unfortunately, more workers see debt as a major problem, up to 15 percent this year from a low of 13 percent last year. But it's quite a bit lower than the high of 22 percent set in 2011.
"Getting a handle on debt is one of the most important things you can do to improve your financial situation. Start by taking a close look at how you use debt. Making a few simple changes to reduce your payments can free up money for retirement savings," Vandermillen said.
Principal helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Our employees are passionate about helping clients of all income and portfolio sizes achieve their goals – offering innovative ideas, investment expertise and real-life solutions to make financial progress possible. To find out more, visit us at principal.com.
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SOURCE Principal Financial Group