Employees Saving Less
As the economy slows down, more of the nation's workers are stretching their budgets and saving less, according to a recent Harris Interactive survey sponsored by CareerBuilder.com.
Roughly half of 7,000 workers recently surveyed said they always or usually live paycheck to paycheck to make ends meet, compared to 43 percent last year, the New York-based research firm reported. Another 14 percent said they have to work more than one job to keep up with monthly expenses.
About a quarter of the workers surveyed reported having no savings at the end of the month, while a third said they don't participate in a 401(k), IRA or other retirement plans.
The survey found that even workers making more than $100,000 a year were feeling the pinch, with 21 percent saying they depend on their monthly income just to get by and just 10 percent putting money away for retirement.
"Workers who are facing challenges in this area may want to re-evaluate where their funds are being allocated, so they can identify opportunities to reprioritize, recoup savings and lighten their financial burden," Rosemary Haefner, CareerBuilder's vice president of human resources, said in a statement.