or new poll from Empowerment, the the second largest retirement provider in the US, found that of the 1,000 Americans surveyed, nearly two-thirds think the current economy will affect their ability to retire — and nearly half of respondents (46%) were ready take a pay cut or forgo a raise for more retirement benefits.
In comparison, 50% of respondents said they would do the same for remote work options and 37% said they would take more paid time off.
Growing inflation and correspondingly higher prices for everyday goods and services have most Americans (70%) feeling financially insecure, according to the report.
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Most are choosing to save anyway, with 80% planning to invest more. Over a third (37%) of respondents told Empower they specifically wanted to put more money into employer-sponsored retirement plans.
Other popular investments included high-yield savings accounts (34%) and stocks (44%).
A slightly higher percentage of respondents said they would increase their 401(k) contributions (26%), compared to 24% of respondents who said they would decrease them.
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More than 1 in 5 Gen Z respondents indicated in the Empower survey that they were relying on luck, such as a lottery win or a windfall, for financial relief.
Side hustles are on the rise
Empower's survey responses to side hustles align with payroll company Gusto's recent survey, which was released this week and found that 44% of new businesses in the US in 2023 started as side hustles.
Empower also saw a high number of respondents intending to work side jobs or second jobs (25%) and a greater interest in Gen Z (33%).
Gen Z also expressed the greatest concern for job security and was more risk averse. More than a quarter of Gen Z respondents (26%) said they would withdraw their investments for cash, and 22% said they would change jobs this year to earn more money.
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