Debt Regret Fuels Financial Stress, Finds New Schwab Retirement Study

Charles Schwab press release -------- A new survey from Schwab Retirement Plan Services, Inc. reveals that everyday money matters are dramatically impacting the lives and retirement saving efforts of Americans. The nationwide survey of 1,000 workers with access to a 401(k) plan – half of whom are actively contributing to it (“savers”) and half of whom are not (“non-savers”) – reveals that non-savers are increasingly challenged by day-to-day financial stresses, compounded especially by credit card debt. Regardless of whether survey participants are actively contributing to a 401(k), the majority identify it as a primary source of retirement savings. In fact, 60 percent of savers and 53 percent of non-savers who have at one time contributed to a 401(k) say their 401(k) is their largest or only source of retirement savings, even though the latter group is not currently contributing. Furthermore, a quarter of non-savers say they are not saving or investing for retirement at all right now. To learn more click on the picture below to read the release.