Recently, Morgan Stanley at Work released the latest findings from its third annual State of the Workplace Financial Benefits Study, revealing that employees are responding to the many challenges of today's economy. Employees are now laser-focused on financial benefits, paying even more attention than the past two years: 69% of employees say they're paying more attention to reviewing their financial benefits now vs. a year ago (an increase of 9%).
Employees, especially the millennial and Gen-Z crowd, continue to scale back their level of retirement funding. Now, about 66% of employees have reduced contributions to their accounts, with inflation and/or concerns of a recession being the main reason.
Percentage breakdowns of investment drops are as follows-
|- 401(k) plans (33%)
- Long-term savings (28%)
- Emergency and short-term savings (28%)
"This past year we've seen an economic climate that frankly a lot of workplace participants—especially younger generations—have likely never experienced before," said Krystal Barker Buissereth, Head of the Executive Services at Morgan Stanley at Work.
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