The second wave of the Healthcare Sector Financial Wellness Survey provides an updated analysis of personal finances and financial well-being among full-time employees in hospitals and healthcare systems.
Summary
The impact of COVID-19 on the healthcare sector, including its workforce, cannot be overstated, and as the pandemic continues so does the pressures it creates. This report, based on a new version of the Healthcare Sector Financial Wellness Survey, examines the personal finances and financial well-being of full-time registered nurses, physicians and surgeons, office and administrative staff, and other medical and non-medical professionals in hospitals, healthcare systems and medical practices that are part of a system.
Key Insights
- Twenty-six percent of full-time healthcare sector employees reported that their financial situation in mid-2021 was better compared to early 2020 before COVID’s onset; it was worse for 13%.
- Thirty percent are saving more for retirement compared to pre-COVID in early 2020; 11% are saving less. Twenty-seven percent are not confident that they are saving an adequate amount.
- Almost 30% have a different investment allocation compared to pre-COVID. Eighteen percent are not confident that their retirement savings are invested appropriately.
- One-third sought employment with a new employer at some point since the beginning of 2020. Thirty-one percent are likely to look for new employment within the next two years; 11% are very likely.
