The Impact of Financial Stress on Retirement Savings and Investor Knowledge Revealed

A CNBC survey has found that 74% of Americans are feeling financially stressed, with 37% indicating high levels of stress. This financial strain is impacting retirement savings, as 41% of workers with a 401(k) or employer-sponsored plan do not contribute any money. Among those who are contributing, the majority are saving as much as they can afford or up to their employer's match. However, 46% of respondents do not know what investments are in their 401(k), and 56% admit they are not on track with their yearly savings for a comfortable retirement. Financial advisors recommend prioritizing employer matches, building an emergency fund, and paying off high-interest debt to improve financial security.