A new survey from Principal Financial Group indicates that 56% of employees say they are facing more financial stress compared to this time last year. Employee respondents to the survey anticipate that conditions will worsen during the next six months in several key areas, including loan requirements, interest rates, unemployment, inflation and the stability of the banking industry.
Brett Fisher, head of investment product strategy for retirement and income solutions at Principal, said the increasing financial stress stems from a number of factors, including a lack of preparation and an absence of plan personalization. Both factors, he said, are critical to meeting the needs of a diverse, multigenerational workforce.
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