Market decline

Inflation and market decline are causing people to rethink their retirement, Quicken survey finds – InsuranceNewsNet

Gas prices, recession fears and interest rates urge caution on job changes

MENLO PARK, Calif., July 20, 2022 /PRNewswire/ — Quicken inc.maker of America’s top-selling personal finance software, today shared survey results indicating that current economic conditions are causing Americans to rethink changes to their work situation, including delaying their retirement plans. retirement.

Survey responses show that nearly half (48%) of those planning to retire in 2022 are reconsidering or have put that plan on hold. Another 25% of 58-74 year olds who were not planning to retire in 2022 are now considering delaying their retirement even further.

Among those considering delaying or not retiring, the changing economic climate is a priority: 65% cited inflation driving up costs; 45% pointed to the decline in the stock market and 30% cited rising interest rates, all leading to the need to work longer; additionally, 12% said their partner’s job or earnings had been negatively affected and they needed to help fill the gap.

“Until the end of 2021, we were in an unusual environment with lots of jobs, a buoyant stock market and subdued inflation. In 2022, it’s a different story,” said Eric Dunn, CEO of Quicken. “Given the current economic climate, it is more important than ever to have a financial plan and manage your expenses wisely.”

Half of those who had planned to change jobs this year are also reconsidering or putting those plans on hold. When asked what made employees reluctant to change jobs in the past six months, 40% said gas prices, 30% mentioned the potential for a recession, 12% cited the rising interest rates for home ownership and 9% said rising interest rates for student loans.

Whether they decide to change jobs or not, people often experience some level of anxiety about the choice. Those who changed jobs recently said they were happier than those who didn’t (40% vs. 25%), but nearly a third (30%) on both sides still felt ‘frustrated’ with their professional situation. And those who changed also felt a higher sense of regret (15% vs. 7%) and guilt (12% vs. 6%) than those who didn’t.

Feelings

Recent job change

No recent job changes

Happiness

40%

25%

Satisfaction

40%

36%

Frustration

30 %

30 %

Relief

25%

28%

Regret

15%

seven %

Guilt

12%

6%

There is, however, a silver lining for employees who have been unhappy at work but have not changed due to the high value of their stock options. A quarter of employees with stock or stock options say the stock market decline has actually made it easier for them to consider a job change, with some having already done so.

You can read additional survey results at The Quicken Blog.

To help you track and manage your financial health, visit https://www.quicken.com/products.

About Quicken inc.

Quicken is the world’s best-selling personal finance software. WE For more than 35 years, more than 20 million customers have trusted Quicken to help them take control of their finances. Quicken’s award-winning suite of personal finance software and apps, including Quicken Starter Edition, Quicken Deluxe, Quicken Premier, Quicken Home & Business and Simplified by Quicken — meet different financial needs and device preferences. Simplified by Quicken, named “Best Budgeting App” by The New York Times wire cutterwas added to the Quicken suite of products in 2020. Simplifieda web and mobile application, is designed to help a new generation of digital natives easily master their finances.

Learn more about Quicken here and follow us on Facebook, Twitter, LinkedIn, Youtubeand Reddit. Click on here to learn more about Simplified by Quicken, and follow us on instagram, Facebookand ICT Tac. Simplified is available for download at google play and the Apple App Store.

Methodology: This SurveyMonkey online survey was conducted in June 2022. The survey covered a sample of 1,000 WE adults, aged 18 to 74, from the Cint consumer network.

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SOURCE Accelerate