Achieving and maintaining financial well-being is a goal of many individuals. Increasingly, it’s a goal employers have for their workforce, as well.
Summary
Throughout their lives, people make myriad decisions that influence their financial wellness. Recognizing the importance of these decisions—and their effect on workforce productivity—employers have begun creating holistic financial wellness programs for their employees. This report examines the financial status and practices of the higher education workforce, with an eye toward helping human resources professionals address employees’ evolving needs.
Key Insights
- Retirement plan participation is nearly universal among full-time academic employees, but many are concerned about how they will manage their savings in retirement.
- Only 20% of higher education employees have received advice within the past three years about drawing income from savings in retirement, but 77% of those interested in receiving financial advice are interested in this topic.
- Additional areas of concern include covering out-of-pocket medical expenses in retirement and potential long-term care expenses.
- One-third of higher education employees are dissatisfied with their overall financial condition, often due to issues involving debt.
