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Benefits 2.0

Insights for financial services plan sponsors

Get the full report

Expertise doesn't equal confidence

Financial services workers earn above-average wages and operate in one of the most financially sophisticated sectors in the American economy, yet they show striking signs of financial strain. Nearly two in three say they do not feel well equipped to make financial decisions about retirement decisions, and 28% have reduced their retirement contributions in the past five years (vs. 18% in other industries).

New research from Economist Enterprise, supported by Nuveen, explores why strong pay and deep financial expertise aren't translating into financial confidence or security, and what employers can do about it before the gap between today's earnings and tomorrow's outcomes becomes a workforce crisis. Explore the research to see what the data shows.

Signs of financial pressure icon
Signs of financial pressure
Signs of financial pressure icon
Signs of financial pressure
Signs of financial pressure icon
Benefits 2.O survey chart 1

Financial pressure is rising, even in a high-paying sector

Despite above-average compensation, short-term pressures are shaping long-term outcomes.

More employees are switching to lower-cost benefit tiers, reducing retirement contributions and delaying retirement than in other industries.

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Lower retirement plan icon
Lower retirement plan satisfaction
Lower retirement plan icon
Lower retirement plan satisfaction
Lower retirement plan icon
Benefits 2.O survey chart 2

Retirement confidence is lagging, despite higher engagement

Finance workers more actively manage their retirement plans. However:

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Challenge of using benefits icon
The challenge of using benefits
Challenge of using benefits icon
The challenge of using benefits
Challenge of using benefits icon
Benefits 2.O survey chart 3

Benefits are supported in principle-but often harder to use in practice

Access is widespread, but usage is uneven:

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Dive into the research with Economist Enterprise

Benefits 2.0 High earners, constrained outcomes: maximizing benefits in the financial services sector
Despite high pay and financial expertise, financial services workers show surprising signs of strain. Learn how smarter benefits design can help employees make the most of what they're offered.
Benefits 2.0 Lower confidence in retirement decisions
Only 63% of finance workers feel equipped to make retirement decisions. Discover why confidence gaps persist even in a financially sophisticated sector.
Benefits 2.0 Cutting back on retirement contributions
28% of financial services employees have scaled back retirement savings in the past five years. See what's driving the trend.

Benefits 2 report thumbnail

 

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Nuveen Retirement Investing sales desk

Nuveen and Economist Enterprise, or any of their affiliates or subsidiaries are not affiliated with or in any way related to each other. The research was independently developed by Economist Enterprise and is sponsored by Nuveen, LLC. This material is prepared by and represents the views and opinions of Economist Enterprise, and does not necessarily represent the views and polices of Nuveen, LLC, its affiliates, or other Nuveen staff.

This material, along with any views and opinions expressed within, are presented for informational and educational purposes only as of the date of production/writing and may change without notice at any time based on numerous factors, such as changing market, economic, political, or other conditions, legal and regulatory developments, additional risks and uncertainties and may not come to pass. There is no promise, representation, or warranty (express or implied) as to the past, future, or current accuracy, reliability or completeness of, nor liability for, decisions based on such information, and it should not be relied on as such. This material should not be regarded by the recipients as a substitute for the exercise of their own judgment.

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