Study finds that many workers not confident in ability to retire comfortably

An HR software solution is an important tool for any business. Not only can it help human resource teams stay organized, but it also ensures that other workers are able to remain up-to-date on their latest payroll information. Furthermore, it can offer necessary tools to keep employees educated on how they can best plan for their retirement.

With recent research showing that employees are not saving enough money for a financially stable retirement, it is important for businesses to offer as many resources as they can to help their workers.

According to the 2013 Retirement Confidence Survey from The Employee Benefit Research Institute, over half of the retirees interviewed said that they are not confident that they have saved enough money to cover their medical expenses in retirement.

Overall confidence levels remain unchanged from the record lows in 2011 – just 13 percent being “very confident” – and the report explained that many workers are only now realizing how much money they actually need to save. Just 46 percent of those surveyed said that they and/or their spouse have tried to calculate how much money they would need in order to have a stable retirement.

“Retirement savings may be taking a backseat to more immediate financial concerns,” the report’s authors wrote. “Just 2 percent of workers and 4 percent of retirees identify saving or planning for retirement as the most pressing financial issue facing most Americans today.”

Furthermore, 30 percent of workers and 27 percent of retirees said that job uncertainty was more of a top financial concern, followed by making ends meet.

By investing in HRIS software, a business can help its employees make the right investments for their own futures.

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