Retirement readiness among the higher education workforce: Impact of COVID-19
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.
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.
The 2020 Higher Education Financial Wellness Survey was fielded online from Sept. 18 to Oct. 17, 2020, with a sample of 1,195 faculty, staff and administrators employed full time by a public or private nonprofit college or university.