Employees' Confidence Falls at Record Low

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Employee Benefit Research Institute conducted a survey in 2008 which revealed that only 13 percent of American workers believe they have a secure future when they reach their retirement age.

Meanwhile, retirees' confidence has also dropped to record-low as only 20 percent of them believe that they are financially secure, a huge decline from 29 percent in 2007.

Majority of workers and retirees believe they are not financially secure in their retirement age, according to a study conducted last year by Employee Benefit Research Institute (EBRI).

The group said that only 13 percent of American workers believe they have a secure future when they reach their retirement age, the lowest record since the research group first started such survey in 1993.

Meanwhile, majority of retirees are also pessimistic as only 20 percent believe they are financially secure, a huge drop from 29 percent in 2007.

In an interview, EBRI president Daniel Houston said the result is a clear reflection of the economic uncertainty average Americans are facing.

Because of economic recession and uncertain future, nearly 28 percent of employees have changed their retirement plans and another 72 percent said they will work even after retirement age, a huge increase from 66 percent in 2007.

Despite the drastic decline of workers’ confidence, many people are still saving up for their retirement. According to the research group, 75 percent of respondents said they or their spouse have been saving money for their retirement.

“Many Americans have realized they should save up and reduce spending so they can be financially secure when they reach their retirement age. I think this year is wake-up call for all of us”, Houston said.

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Employees' Confidence Falls at Record Low

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