Retirement Plans Derailed: Quarter of Americans Slash Savings Due to Inflation, Study Shows
A quarter of American workers had to slash their retirement savings as inflation hit a 40-year high in 2022 and took its toll on their hard-earned dollars, according to new study findings published on April 20.
The findings were reported in an annual study conducted jointly by the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University School of Business and the Teachers Insurance and Annuity Association of America (TIAA) Institute.
Approximately 3,503 U.S. adults, ages 18 and older, were surveyed online in January 2023 as part of the study, and data were weighted to be nationally representative.
The TIAA-GFLEC survey found that 25 percent of employed Americans cut their retirement savings in 2022 because of financial pressures created by inflation, and almost half of those (approximately 12 percent) were forced to stop saving entirely….