Among the other key findings:

84% of workers and two-thirds of retirees are concerned that the increasing cost of living will make it harder for them to save money. Three-fourths of workers and 58% of retirees worry they will have to make substantial cuts to their spending because of inflation.
Despite confidence in their financial knowledge remaining high, workers' debt problems appear to be worsening in 2023. More than six in 10 workers and one-third of retirees report that their debt is a problem.
40% of workers and 58% of retirees said their retirement account balances have decreased over the past 12 months.
Many workers aren't using professional sources of information and advice that can help improve their investment knowhow, with only 20% turning to their workplace retirement plan provider.
Workers' confidence in Medicare has significantly decreased, with just half feeling at least somewhat confident it will continue to provide benefits that are of equal value to today.
Despite being down from last year, nearly two-thirds of workers remain confident they know how much to withdraw from their savings and investments in retirement.
When describing their asset goals, half of retirees report they try to maintain their asset levels. Fewer than last year aim to grow their assets.

Related: Most workers expect to fall short of $1 million retirement savings goal

The survey results point to an opportunity for employers and financial advisors to help workers shore up their retirement planning and savings.

Instant Insights /