The healthcare sector workforce: Financial wellness, retirement readiness and job satisfaction

February 2022

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.
Methodology

The sample includes 1,503 full-time healthcare workers in five occupation groups. Respondents were surveyed online from June 24 to August 2, 2021. The sample was acquired through Dynata, an online panel provider, and responses were weighted based on data from Occupational Employment Statistics (May 2020), U.S. Bureau of Labor Statistics.

The pandemic has affected Americans along multiple dimensions, including their work experience. Perhaps none more so than healthcare workers.
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Almost a third of healthcare sector employees say they are likely to look for new employment within the next two years.
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Authors

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.
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