Sixty-four percent of the calls going to Financial Finesse, which provides financial counseling to employees, are about debt reduction and budgeting, whereas only 15% of the calls are about investing and retirement planning.
“In their concerns about reducing debts and cutting expenses, employees are ignoring retirement planning,” according to a report by Financial Finesse. “The credit crisis was the first financial crisis to hit us. The retirement crisis will be the next. We believe it will be both more significant and more prolonged than the current economic crisis.”