Nearly eight in 10 workers say employers should help provide access to opportunities to help them be successful.
By Adam Hunter
More than family, higher education or even government, American workers expect their employers to help them achieve financial security, a new Prudential survey reveals.
According to the second American Workers Survey,* conducted on behalf of Prudential Financial, Inc. by Morning Consult, nearly eight in 10 American workers say employers should help provide access to opportunities that help them be successful—a finding which highlights the growing expectations and demand for workplace solutions.
Access to financial products that help workers build and grow their savings are viewed as the most helpful employer offerings for ensuring long-term success (87 percent), as well as health and wellness programs (85 percent), access to job or technical training programs (85 percent), and free financial education courses (82 percent). The topics that American workers felt would be best to learn include retirement saving/planning (86 percent), establishing emergency savings (83 percent), creating/managing a budget (78 percent) and identity protection (78 percent).
While the survey shows that 60 percent of American workers say they are hopeful about their financial security, survey respondents identified several barriers to financial prosperity. Young adults and millennials say student debt has been one of the biggest barriers for their generation, while Gen Xers and Baby Boomers say they have been held back by slow wage growth.
These concerns are reflected in American workers’ expectations for the government in the next year: nearly nine in 10 say making higher education more affordable (87 percent) and increasing access to retirement plans (86 percent) should be important priorities.
How much extra cash could encourage American workers to save?
Survey participants were asked what they would do if given windfalls of varying amounts. Those gifted with an amount less than $1,000 said they’d be likely to spend it—as a treat to themselves and others, or to pay their bills. The “inflection point,” that would shift American workers from spending to saving or investing, occurs between $1,000 and $5,000—across nearly all demographics.
* The American Workers Survey is the second in a series conducted on behalf of Prudential by Morning Consult from February 7 to 8, 2018, among a national sample of 2,278 self-identified part-time and full-time employed adults (age 18 and over). The interviews were conducted online, and the data weighted to approximate a target sample of adults based on age, race/ethnicity, and gender. Results from the full survey have a margin of error of ±2 percentage points.
The Prudential Insurance Company of America and its affiliates, Newark, NJ