Global Sentiment Survey 2022
Our annual study sheds light on the attitudes and actions of workers around the world. Here are our four biggest takeaways:
1. Inflation is stressing everyone out. 2. The cost of living is threatening the immediate financial security for many workers. 3. Many workers have complicated relationships with work. 4. Being financially comfortable in retirement is a long-term goal for most workers across the world.
1. Inflation is stressing everyone out.
2. The cost of living is threatening the immediate financial security for many workers.
3. Many workers have complicated relationships with work.
4. Being financially comfortable in retirement is a long-term goal for most workers across the world.
Nearly 3 in 4 workers state the rising impact of inflation is causing them stress
Employees are turning to their employers for support with their work/life balance, mental health, and well-being
LEARN MORE ABOUT HOW WORKERS ARE FEELING
10% of workers have saved nothing in the last 6 months.
1 in 3 workers were spending more than they could afford in the last 6 months.
LEARN MORE ABOUT HOW WORKERS ARE DOING FINANCIALLY
LEARN MORE ABOUT HOW WORKERS ARE FEELING ABOUT WORK
LEARN MORE ABOUT HOW WORKERS ARE FEELING about retirEment
58%
46%
My current work/life balance is “good.”
My current work/life balance is a cause of stress.
The results show a mix between those who find their current work/life balance good versus those who find it to be a stressor.
surveyed globally state that being financially comfortable in retirement is a long-term financial goal.
1 in 3 workers are not confident they will achieve financial comfort in retirement.
95% of workers
HOWEVER
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LEARN MORE ABOUT HOW WORKERS ARE FEELING ABOUT RETIREMENT
Consider how modifying your benefits strategy could better address the needs of your unique workforce today and in the long-term, no matter where they are in the world. For more information about how Fidelity can support your workforce, please contact your Fidelity Representative or request a review with Fidelity Workplace Consulting. New to Fidelity? We’d love to hear from you.
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The Fidelity Global Sentiment Survey 2022
The annual Fidelity Global Sentiment Survey aims to provide an understanding of how workers around the globe are feeling and acting in four areas: Well-Being, Financial Habits, Retirement, and Work.
Financial habits
What's top of mind for global workers? Here is what we learned.
1
The impact of rising inflation, among other financially related factors, is the leading stressor for workers across the world.
Top financially related stressors for workers around the globe
74%
69%
53%
52%
54%
56%
the cost of living/impact of rising inflation
the state of the economy
not having a big enough retirement fund
not able to meet savings targets
meeting long-term financial goals
health care costs
meeting immediate financial needs
Approximately 1 in 5 global workers surveyed would rate the current state of their day-to-day finances as “poor.”
Global employers can better align with their employees on how to define the concept of financial wellness.
2
Ali Ahmed and Hugh Skinner discuss the difficulties employers may face in helping employees balance long-term financial goals with their short-term financial challenges.
Against a backdrop of financial uncertainty, global workers continue to focus on short-term financial needs over long-term goals and are spending less on discretionary items and more on essential expenses.
3
How do global workers and global employers define Financial Wellness?
Spending
Saving
Debt
Planning horizon
% of Global Employees selected
Most selected attributes of Financial Wellness
% of Global Employers selected
60% 57% 46% 43% 41% 40% 38% 31% 30% 26% 23%
Having enough money set aside for an emergency Feeling secure about your financial situation Saving enough to retire according to retirement savings guidelines Having enough to pay for health care Having the means to save for a purchase (e.g., buying a house or car) Spending within your means Having minimal debt Having the means to support loved ones outside household Having the “know how” to make financial decisions Having the means to pay for education Having the means to support causes you care about
42% 54% 40% 51% 44% 28% 30% 34% 39% 41% 34%
significant mismatch
Why does this matter? Planning horizon and spending habits have an inverse relationship—meaning the shorter the planning horizon, the more likely you are going to spend more than you can afford. Analysis of the survey data shows that those who plan for one week ahead are three times more likely to spend more than they can afford than those who plan for 10+ years.
Actions for employers to consider:
• Strengthen financial wellness of your workforce. Consider an approach, such as The Fidelity Global Financial Wellness Framework, and guidelines, such as The Fidelity Retirement Savings Guidelines, to promote locally and culturally relevant aspects of financial literacy education for your workforce. • Bolster retirement readiness. Highlight the benefits of a retirement workplace savings plan, including employer contributions, potential tax-based advantages, and other factors that may be locally relevant. • Consider employee stock plans as a part of your talent strategy. Educate employees about how their stock compensation may contribute to financial outcomes and consider adding/extending stock programs to reach more employees. • Highlight the importance of emergency savings. Consider an emergency savings benefit to address short term financial needs for your employees.
The data collection, research, and analysis for the above markets in regard to global employees was completed in partnership with Opinium, a strategic insight agency. Data collection took place between August 2022 and September 2022. The sample consisted of 20,000 respondents with the following qualifying conditions: Aged 20 – 75; Either they or their partner were employed full-time or part-time; A minimum household income of: Australia: A$45,000 annually; China: RMB 5,000 monthly; Hong Kong: HK$15,000 monthly; USA: US$20,000 annually; Canada: CA$30,000 annually; UK: £10,000 annually; Mexico: $4,500 MXN monthly; Ireland: €20,000 annually; Germany: €20,000 annually; Netherlands: €20,000 annually; France: €20,000 annually; Italy: €15,000 annually; Spain: €15,000 annually; Japan: 3m yen annually; Brazil: R$1,501 monthly; India: 55,001 annually; Singapore: SGD$2,000 monthly. The data collection, research and analysis for the above markets in regards to multinational firms also known as global employers was completed in partnership with Dynata, a third-party market research company, using their global research panel in conjunction with their partner vendors. Data collection took place between 14 December 2021 to 12 January 2022. This information is intended to be educational and is not tailored to the investment needs of any specific investor. This information does not constitute investment advice and should not be used as the basis for any investment decision, nor should it be treated as a recommendation for any investment or action. Fidelity refers to one or both of Fidelity International and Fidelity Investments ®. Fidelity International and Fidelity Investments® are separate companies that operate in different jurisdictions through their subsidiaries and affiliates. All trademarks are the property of their respective owners.
16%
Region with greatest overspending versus region with lowest overspending.
In 2022, 31% have saved less in the past 6 months.
In 2021, only 21% said the same, making a total of 10% of global workers reducing their savings.
Regions with a notable increase in workers saving less compared to 2021.
More than 1 in 10 global workers have saved nothing in the last 6 months.
More than 1 in 3 global workers are spending more than they can afford.
Greatest overspending
Lowest overspending
BACK TO SURVEY RESULTS
WATCH
Ali Ahmed and Jason Jagatic discuss how financial wellness is defined by employers and employees.
31%
+22%
+20%
+16%
66%
of global workers
INDIA
SPAIN
UK
NETHERLANDS
IRELAND
ITALY
MEXICO
18%
17%
have increased their borrowing over the last 6 months.
BRAZIL
USA
42%
25%
24%
21%
Notable regional variances of workers who have increased borrowing over the last 6 months.
Planning horizons remain very short. Sixty-six percent of global workers are only planning ahead one year or less for their financial needs.
have no idea on how far ahead they should plan for their financial needs.
34%
65%
Unfortunately, many individuals are citing an incredible number of factors causing them stress.
Well-Being
Nonetheless, many workers still maintain some level of positivity, with certain regions displaying remarkable levels of hope.
However, for many workers, maintaining hope isn’t without its cost. Fatigue among workers is also on the rise.
Ali Ahmed and JP Provost explore which type of benefits employees are seeking from their employers today
• Invest in employee well-being. Advocate for mental health support in the workplace and support employee resource groups. • Review your flexibility strategies beyond working from home. Embrace flexible work policies for better work/life balance. • Make manager training a priority. Continue to support and train managers with all changes and well-being strategies that support their teams.
The impact of rising inflation is the leading factor causing stress for workers across the world.
Nearly 3 in 4 workers surveyed around the globe report the impact of rising inflation is causing them stress.
Other factors that are causing stress to workers around the globe
...and some stressors are closer to home.
61%
59%
global political events
COVID-19 pandemic
climate crisis
meeting my immediate financial needs
not able to meet savings target
my family’s and my physical health
meeting my long-term financial goals
globally
41%
41% of workers surveyed around the globe report experiencing feelings of hope over the last six months.
Younger economies and younger workers display the highest levels of hope.
Most hopeful regions
82%
57%
70%
CHINA
Hope across ages
48%
30-39
39%
33%
35%
40-49
20-29
60-69
70+
50-59
More than 1 in 3 workers surveyed report experiencing feelings of fatigue over the last six months.
Most fatigued regions
Workers in certain industries are experiencing more fatigue than other industries.
43%
FRANCE
JAPAN
Advertising/ Marketing/ Public Relations
Police/Fire/ Ambulance
Charitable/ nonprofit
Health Care
51%
40%
Workers who have shorter planning horizons experience fatigue as well.
plan for the next few weeks
plan for the next week
plan for the next 12 months
plan for the next 5 – 10 years
plan for the next few years
plan for more than 10 years
plan for the next few months
32%
The data collection, research, and analysis for the above markets was completed in partnership with Opinium, a strategic insight agency. Data collection took place between August 2022 and September 2022. The sample consisted of 20,000 respondents with the following qualifying conditions: Aged 20-75; Either they or their partner were employed full-time or part-time; A minimum household income of: Australia: A$45,000 annually; China: RMB 5,000 monthly; Hong Kong: HK$15,000 monthly; USA: US$20,000 annually; Canada: CA$30,000 annually; UK: £10,000 annually; Mexico: $4,500 MXN monthly; Ireland: €20,000 annually; Germany: €20,000 annually; Netherlands: €20,000 annually; France: €20,000 annually; Italy: €15,000 annually; Spain: €15,000 annually; Japan: 3m yen annually; Brazil: R$1,501 monthly; India: 55,001 annually; Singapore: SGD$2,000 monthly. This information is intended to be educational and is not tailored to the investment needs of any specific investor. This information does not constitute investment advice and should not be used as the basis for any investment decision, nor should it be treated as a recommendation for any investment or action. Fidelity refers to one or both of Fidelity International and Fidelity Investments®. Fidelity International and Fidelity Investments® are separate companies that operate in different jurisdictions through their subsidiaries and affiliates. All trademarks are the property of their respective owners.
Some stressors are macrosocial…
Well-being
Work
More than half of global workers would rate their work and work/life balance as “good.”
Since our last survey in 2021, we found consistency in the kinds of support workers would like to see from their employers.
A company stock plan may enhance employee compensation. 45% of workers surveyed across the globe state their company offers a company stock plan.
Ali Ahmed and Mitan Patel discuss the simple steps employers can take to enhance participation in company stock plans
• Invest in employee well-being. Advocate for mental health support in the workplace. • Review your flexible working strategy. Embrace flexible work policies for better work/life balance. • Review stock plan offerings. Consider a company stock plan to improve employee engagement, drive employee ownership, and enhance compensation. • Consider total rewards. After reviewing your offerings to confirm if your programs are aligned to your company culture and values and your employees’ needs, consider a Total Rewards approach.
of workers surveyed around the globe describe the current state of work as “good.”
Current state of work
Current state of work/life balance
Top workplace-related stressors for workers around the globe
Top regions with workers who feel good about their current state of work
are confident about achieving the goal of work/life balance.
of workers surveyed around the globe describe the current state of work/life balance as “good.”
Top regions with workers who feel good about their current state of work/life balance
30% of workers surveyed around the globe who have experienced negative emotions in the past 6 months said this was due to work/changes at job.
job security
career progression
workplace safety
current work/life balance
work/life balance support
67%
77%
76%
68%
75%
73%
phased retirement/ work (new for 2022)
23%
opportunities for ongoing learning
19%
investing education
14%
financial planning education
retirement planning education
20%
mental health & well-being support
26%
Top kinds of support or help wanted from employers
Most important parts of a compensation package (after salary)
Bonus
47%
44%
SINGAPORE
HONG KONG
Pension and/ or retirement savings plan
30%
Annual leave
29%
Workplace flexibility
27%
Private medical insurance
CANADA
36%
GERMANY
37%
AUSTRALIA
Company stock plan participation
Top reasons why employees chose to participate in a company stock plan
My company doesn’t offer a company stock plan.
55%
Yes
No
10%
of workers enrolled in their company stock plan increased the amount they contribute to their company plan.
38%
The company terms to obtain the shares made it an attractive benefit.
It is an easy way to save money through payroll deductions.
My employer made me aware of it.
Share value is increasing and/or expected to increase.
The data collection, research, and analysis for the above markets was completed in partnership with Opinium, a strategic insight agency. The sample consisted of 20,000 respondents with the following qualifying conditions: Aged 20-75; Either they or their partner were employed full-time or part-time; A minimum household income of: Australia: A$45,000 annually; China: RMB 5,000 monthly; Hong Kong: HK$15,000 monthly; USA: US$20,000 annually; Canada: CA$30,000 annually; UK: £10,000 annually; Mexico: $4,500 MXN monthly; Ireland: €20,000 annually; Germany: €20,000 annually; Netherlands: €20,000 annually; France: €20,000 annually; Italy: €15,000 annually; Spain: €15,000 annually; Japan: 3m yen annually; Brazil: R$1,501 monthly; India: 55,001 annually; Singapore: SGD$2,000 monthly. Data collection took place between August 2022 and September 2022. This information is intended to be educational and is not tailored to the investment needs of any specific investor. This information does not constitute investment advice and should not be used as the basis for any investment decision, nor should it be treated as a recommendation for any investment or action. Fidelity refers to one or both of Fidelity International and Fidelity Investments®. Fidelity International and Fidelity Investments® are separate companies that operate in different jurisdictions through their subsidiaries and affiliates. All trademarks are the property of their respective owners.
(e.g., location, working hours etc)
Retirement
Retirement remains a common goal shared by many across the globe.
However, 1 in 3 workers are not confident they will achieve financial comfort in retirement.
For many workers, certain issues cause worry about retirement.
Ali Ahmed and Charlotte Chan explore the role employers can play in retirement planning for their workforce.
Ali Ahmed and Jackson Lee explore the role of employers play in their workforce’s retirement planning
• Look at expanding your approach to flexibility. Consider phased retirement and other strategies for flexible working for more tenured workers. • Strengthen financial wellness of your workforce. Consider financial education guidelines such as the Fidelity Global Retirement Savings Guidelines. • Bolster retirement readiness. Engage in conversations about retirement readiness with employees of all age groups–not just more mature workers.
The data collection, research, and analysis for the above markets in regard to global employees was completed in partnership with Opinium, a strategic insight agency. Data collection took place between August 2022 and September 2022. The sample consisted of 20,000 respondents with the following qualifying conditions: Aged 20-75; Either they or their partner were employed full-time or part-time; A minimum household income of: Australia: A$45,000 annually; China: RMB 5,000 monthly; Hong Kong: HK$15,000 monthly; USA: US$20,000 annually; Canada: CA$30,000 annually; UK: £10,000 annually; Mexico: $4,500 MXN monthly; Ireland: €20,000 annually; Germany: €20,000 annually; Netherlands: €20,000 annually; France: €20,000 annually; Italy: €15,000 annually; Spain: €15,000 annually; Japan: 3m yen annually; Brazil: R$1,501 monthly; India: 55,001 annually; Singapore: SGD$2,000 monthly. This information is intended to be educational and is not tailored to the investment needs of any specific investor. This information does not constitute investment advice and should not be used as the basis for any investment decision, nor should it be treated as a recommendation for any investment or action. Fidelity refers to one or both of Fidelity International and Fidelity Investments®. Fidelity International and Fidelity Investments® are separate companies that operate in different jurisdictions through their subsidiaries and affiliates. All trademarks are the property of their respective owners.
95%
86%
62%
Net confidence
of workers surveyed globally state “saving enough to retire according to retirement savings guidelines” is a part of being financially well.
Confidence is highest among younger workers (ages 20 – 29).
2021
2022
66% of those identifying as male are confident compared to 59% who identify as female.
Least confident region
Most confident region
Regions where health is a higher concern.
Top worries in retirement
health problems
worry retirement savings will be used up earlier than expected.
28%
worry about unexpected catastrophic life events.
45%
Additionally, workers may face other challenges in retirement.
4
Of the workers who plan to retire later than expected, 44% of those do so because they haven’t saved enough for retirement.
Of the workers who plan to retire earlier than expected, 36% of those do so because of a health issue (their own or to care for a family member with a severe health issue).
Budgeting
Advice
of workers surveyed across the globe have not sought out advice for financial planning.
1 in 3 workers surveyed across the globe have no idea how much they will spend in retirement.
This rises significantly for those aged 55 and above.
Ali Ahmed and Richard Dinham explore the role of employers play in their workforce’s retirement planning.
