87% Americans Look to Their Employers to Help Save

A new Harris Poll shows that Americans are worried about long term finances and expect their employer to help them prepare financially for the future. This study, commissioned by Funding Our Future campaign and DailyPay, polled more than 2,000 American adults ages 18 to 55. 

Americans find it difficult to save money since the pandemic and 58% of Americans are somewhat or very anxious about their current financial situation. 36% of Americans with household incomes below $50,000 report they now have less in savings than before the pandemic hit, compared to only 13% who have more. This is quite different from the 41% of Americans with household incomes above $100,000 who find themselves with more savings today. 

Financial anxiety is the greatest among young Americans aged 18 to 34 (71%), renters (70%) and those with a household income under $50,000 (67%).

Many employed Americans are looking to their employers for financial assistance as they try to save more money for retirement, and 87% say that it is very important (54%) or somewhat important (32%) that their employer offers a retirement savings program such as a 401k account and/or a contribution matching program. A staggering 67% of Americans, and 79% of parents of children under 18, would be likely to switch employers if their current employer did not offer any retirement savings programs. 

Other financial wellness programs and benefits can also contribute to reducing Americans’ financial stress. A great deal of employed Americans (59%) believe that getting paid more frequently would help them, including 70% of hourly workers.

This research also shows that government assistance is also aiding Americans during this time. Of the American parents receiving a Child Tax Credit (CTC) payment, 36% have been able to put at least some of the money into savings. However, half of those who qualify need to put their CTC money towards essentials such as rent and utilities.

“This research further illustrates the expectations and responsibilities of employers to provide impactful benefits to employees,” said Matthew Kopko, Vice President of Public Policy for DailyPay. “A majority of employed Americans saying they would be likely to leave an employer for better financial benefits is extremely powerful insight for companies around the country aiming to better attract, retain and engage their employees.”