High inflation and recession concerns have U.S. workers cutting back on how much money they’re saving.
That’s according to a new report from Morgan Stanley, which found that younger workers are scaling back their contributions to savings and retirement accounts the most, but that significant shares of older generations are reducing contributions, too.
Overall, 66% of surveyed employees say they lowered contributions to savings due to inflation and/or recession worries compared to 62% last year, according to the report. Contributions to 401(k)s are getting hit especially hard.
What the research says
Morgan Stanley’s survey, which was conduced online in March and April, found that:
- Millennials were the generation most likely to report scaling back savings contributions due to…
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