Adjunct Faculty: Personal Finances and Retirement Savings

March 2019

The ranks of adjunct faculty have increased rapidly in recent decades. How are these individuals faring financially?

Summary

Adjuncts – defined as part-time nontenure-track faculty who have neither retired from a tenured position nor have a career outside higher education – account for about a third of all faculty today. This report leverages data from the TIAA Institute’s 2018 Adjunct Faculty Survey to examine adjuncts’ personal finances and financial behavior, including their retirement savings, across all sectors of American higher education. A previous TIAA Institute report based on the same survey data examined adjuncts’ demographic characteristics and work experiences.

Key Insights
Adjuncts are paid an average of $3,000 per course, but almost 60% receive less than that.
More than 40% of adjuncts reported working for pay in addition to their college or university employment.
Three-quarters of adjunct households carry debt, most commonly from credit cards and home mortgages.
Almost two-thirds of adjuncts report personally saving for retirement in the past year.
Forty-one percent of adjunct households have received financial advice from a professional advisor within the past two years.
Methodology

This report’s findings are based on an online survey of 502 adjunct faculty members conducted from May 14 to June 8, 2018. Respondents were selected from members of the Research Now online research panel – one of the most comprehensive and deeply profiled online survey panels available – and represent all sectors of higher education.

Among adjuncts who did not save for retirement in the past year, 74% either had no plan available or were unsure whether they did.
Download Report Materials
Authors
Adjunct Facilty graph

About TIAA Institute

The TIAA Institute helps advance the ways individuals and institutions plan for financial security and organizational effectiveness. The Institute conducts in depth research, provides access to a network of thought leaders, and enables those it serves to anticipate trends, plan future strategies and maximize opportunities for success.
Related Publications

Related Publications

AGB Brief Cover

The Worth of Endowments in Higher Education

April 2019

U.S. colleges and universities hold more than $500 billion in endowment assets, but many people have a poor grasp of these assets’ purpose and value.

Higher Ed Philanthropy Image

Key Issues Facing Higher Education Philanthropy

March 2019

In an era of declining public funding, private philanthropy has played an increasingly vital role for both public and private institutions.

Voices from the Field

Voices from the Field: Women of Color Presidents in Higher Education

December 2018

Women of color presidents and chancellors describe how their race and gender has affected their careers and suggest ways to diversify the college presidency.