Workers and Retirees Losing Confidence
October 18, 2023
In 2023, only 64% of workers were at least somewhat confident that they would have enough money to live comfortably in retirement, a significant drop from 73% in 2022. Retirees felt better about their prospects, with 73% saying they were at least somewhat confident, but this was down from 82% in 2019. These were the largest declines since the 2008 financial crisis.
In both groups, the most common reasons given by those who were not confident were insufficient savings and inflation.
Percentage who said they were very or somewhat confident in having enough money to live comfortably throughout their retirement years:
2007
- 79% Retirees
- 70% Workers
2011
- 60% Retirees
- 49% Workers
2019
- 82% Retirees
- About 65% Workers
2022
- About 75% Retirees
- 73% Workers
2023
- 73% Retirees
- 64% Workers
Source: Employee Benefit Research Institute, 2023
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