The U.S. economy is in much better shape today than it was during the Great Recession. But persistent inflation and last year’s sharp stock market decline have shaken the confidence of American workers and retirees about their retirement prospects in a way not seen since 2008.

That is the key finding of the 2023 Retirement Confidence Survey – the longest-running survey of its kind measuring worker and retiree confidence. Conducted by the Employee Benefit Research Institute (EBRI) and Greenwald Research, the survey is in its 33rd year.

The survey was fielded during January this year, fresh on the heels of a painful drop of 19.4% in the S&P 500 (.SPX) in 2022. Equity markets have recovered since then, and inflation also has moderated this year, although it remains above the levelpolicymakers would like to see.

Learn more in my column for Reuters.