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Employee savings trends reflect broader economic hardship

Study: Businesses and people are suffering from rising costs, recent investment losses and lingering pandemic effects.

By Thomas Gresham | February 01, 2023 at 08:00 AM
Roughly one in three U.S. adults withdrew some of their retirement savings last year to keep up with rising expenses. (Photo: narawit/Adobe Stock) Roughly one in three U.S. adults withdrew some of their retirement savings last year to keep up with rising expenses. (Photo: narawit/Adobe Stock)

Faced with inflation and a sharp increase in the cost of living, half of U.S. adults opted to pause saving for retirement at some point in 2022, according to new research from U.S. News & World Report’s 360 Reviews.

The fact that a high number of Americans recently chose to slow their retirement saving efforts was among the key findings of the survey, which explored the retirement planning and practices of 2,000 U.S. adults who had saved for retirement for more than five years.

 

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