Since the onset of COVID-19, 22% of the full-time higher education workforce have become less confident that they will have enough money to live comfortably throughout retirement. At the same time, 9% have become more confident.
Summary
This report uses data from the 2020 Higher Education Financial Wellness Survey to examine retirement readiness among the full-time higher education workforce in the context of the COVID-19 pandemic. This includes retirement saving and investing and converting savings to income during retirement, as well as addressing retiree medical and potential long-term care expenses.
Key Insights
- 25% of retirement savers have increased the amount they are saving, while 22% decreased their saving, including 4% who stopped saving.
- 40% of retirement savers changed their savings investments, with 19% decreasing equity exposure and 21% increasing it.
- 20% of those currently saving for retirement have become less confident they are saving an adequate amount; 7% have become more confident.
- 17% of retirement savers have become less confident their savings is invested appropriately, while 8% have become more confident.
- Over half of retirement savers have received financial advice on planning and saving for retirement within the past two years; one-third since the onset of COVID-19.
