Get All Access for $5/mo

Here's One Thing Americans Would Take a Pay Cut For — Besides Remote Work An Empower survey found a high percentage of respondents would take a pay cut for better retirement benefits and remote work options.

By Sherin Shibu

Key Takeaways

  • 65% of Americans think the current economy will impact when they retire.
  • Most are still saving though, with the majority (80%) planning on investing more.

A new survey from Empower, the second largest retirement provider in the U.S., found that of 1,000 Americans surveyed, nearly two-thirds think the current economy will impact their ability to retire — and nearly half of respondents (46%) were willing to take a pay cut or give up a raise for more retirement benefits.

In comparison, 50% of respondents said they would do the same for remote work options, and 37% said they would for more paid time off.

Rising inflation and correspondingly higher prices for everyday goods and services have the majority of Americans (70%) feeling uncertain financially, according to the report.

Related: CPI Report: Inflation Rose More Than Expected in March, Driven By Housing and Energy Costs

Most are choosing to save anyway, with 80% planning on investing more. Over a third (37%) of respondents told Empower that they specifically wanted to put more money into employer-sponsored retirement plans.

Other popular investments included high-yield savings accounts (34%) and stocks (44%).

A slightly higher percentage of respondents said they would increase their 401(k) contributions (26%), compared to the 24% of respondents who said they would decrease them.

Related: Entrepreneurs Are Starting Businesses While Working Part- or Full-Time Elsewhere

More than 1 in 5 Gen Z respondents indicated in the Empower survey they were counting on luck, like a lottery win or an unexpected inheritance, for some financial relief.

Side Hustles Are Soaring

Empower's survey responses on side hustles aligned with payroll company Gusto's recent survey, which was released this week and found that 44% of new businesses in the U.S. in 2023 started as side hustles.

Empower also saw a high number of respondents who intended to work side hustles or second jobs (25%), and greater interest in Gen Z (33%).

Gen Z also expressed the most concern about job security and were the most risk-averse. More than a quarter of Gen Z respondents (26%) said they would withdraw their investments for cash and 22% said they would job switch this year to make more money.

Related: Gen Z Is Putting in the Extra Work — On Their Side Hustles

Sherin Shibu

Entrepreneur Staff

News Reporter

Sherin Shibu is a business news reporter at Entrepreneur.com. She previously worked for PCMag, Business Insider, The Messenger, and ZDNET as a reporter and copyeditor. Her areas of coverage encompass tech, business, strategy, finance, and even space. She is a Columbia University graduate.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Leadership

Visionaries or Vague Promises? Why Companies Fail Without Leaders Who See Beyond the Bottom Line

Visionary leaders turn bold ideas into lasting impact by building resilience, clarity and future-ready teams.

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Green Entrepreneur®

How Global Business Leaders Can Build a Sustainable Supply Chain

Businesses can build sustainable supply chains by leveraging technology to reduce environmental impact, optimize resources and track emissions while balancing operational efficiency and sustainability goals.

Science & Technology

Why Businesses Are Relying on Automation to Survive the Labor Crisis

Robots are revolutionizing industries by addressing labor shortages and enhancing efficiency, while businesses navigate challenges like workforce adaptation and high implementation costs.

Science & Technology

5 Automation Strategies Every Small Business Should Follow

It's time we make IT automation work for us: streamline processes, boost efficiency and drive growth with the right tools and strategy.