With so many competing financial responsibilities, employees are getting caught in a ‘financial vortex,’ and it’s impacting their ability to save enough for retirement.
According to Goldman Sachs’ 2023 Retirement Survey and Insights Report, competing financial priorities like credit card debt, student loan repayment, college savings and caregiving costs are overwhelming employees’ ability to save enough for retirement. As such, 70% say these challenges are impacting their retirement, and 21% of respondents say they will need to delay retirement by at least four years.
