The percentage of workers satisfied with their financial situation has increased 20 points since 2009 to 46%, according to a report released Wednesday by Towers Watson.
Retirement confidence is up too, from 18% in 2009. Still, only 23% of workers say they are confident they’ll have saved enough for the first 15 years of retirement.
Retirement could last 20 or 30 years for some workers, though. Unfortunately, only 8% said they were confident that their retirement savings could carry them 25 years into retirement.
“Employees might be on firmer financial footing now than they were five years ago, but many remain nervous about their finances and prospects for a secure retirement,” Shane Bartling, senior consultant at Towers Watson, said in a statement. “This is especially true for older workers who are likely better positioned to assess their retirement income than workers overall. The financial crisis hit workers age 50 and above particularly hard, with the stock market fall creating a huge dent in their retirement savings and their confidence levels.”
Consequently, 40% of workers say they plan on delaying retirement, up nine points since 2009. Most say they’ll work at least three years longer, but 44% said they plan on working at least five years. A third of respondents said they plan to work until after age 70 or that they won’t retire at all.