Employees Shift to Short Term Issues at the Expense of Retirement Savings

According to 3rd quarter results released by Financial Finesse, employee financial wellness continued to improve, with more people focused on important short term money management issues such as reducing debt, living within their means and setting up emergency funds — which came at the expense of retirement planning. Despite this shift, the news is still dire: 40% of employees still don’t have an emergency fund, more than 25% report they aren’t making ends meet, more than 10% are in a state of crisis in which they aren’t even able to pay their bills on time, and only 18% of employees reported that they are on track to replace 80% of their income at retirement.