CEDAR RAPIDS, Iowa—"Paying off debt" is the current financial priority for 66% of American workers, according to a new survey from the Transamerica Center for Retirement Studies. Credit card debt was cited by almost half of these individuals.
Other current financial priorities for workers included "building savings" (59%) and "saving for retirement" (57%), while one-third cited "just getting by to cover basic living expenses," noted NAFCU in its analysis.
In addition, TCRS' survey discovered that while 62% of workers are either "very confident" or "somewhat confident" that they will be able to retire comfortably, many are worried that they will outlive their savings or see Social Security benefits decreased. Four-fifths of respondents believe their generation will have a harder time reaching financial security than their parents.
TCRS' survey was conducted Aug. 9-Oct. 28, 2017, among 6,372 U.S. workers aged 18 or older who worked full- or part-time at for-profit companies.