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.

Fisher said that emphasizing personalization expands the investment options available for retirement planning and allows for greater customization and tailored investment strategies, better accounting for factors such as financial goals, lifestyle, health care needs, contribution levels, retirement accounts outside the employer plan and Social Security benefits.