High earners, constrained outcomes: new research reveals financial services workers are cutting back on retirement saving and delaying retirement

New Economist Enterprise research, supported by Nuveen, exposes a growing disconnect between the financial sophistication often associated with financial services and the real-world strain shaping workers’ benefits decisions.

Financial services may be known for above-average compensation and financial know-how, but new research released today finds many workers are still making short-term trade-offs that can undermine long-term security.

New findings from the Economist Enterprise 2025 Benefits 2.0 survey, supported by Nuveen, show that 28% of financial services workers have reduced their retirement contributions in the past five years, compared with 18% in other industries. Workers are also more likely to make cost-driven benefit decisions in the near term: 19% have switched to lower-cost benefit tiers in the past year, versus 14% elsewhere.

Even where engagement is higher, outcomes lag. While 44% of finance workers actively review and adjust their retirement plan and contributions (compared with 33% in other industries), they report a larger gap between preferred and expected retirement timing (5.1 years vs. 3.7 years). Satisfaction also trails: only 49% of financial services employees with 401(k)-style plans say they are happy with or prefer their current plan, compared with 67% in other sectors.

Confidence is a key friction point. Only 63% of financial services workers feel well equipped to make financial decisions about retirement, versus 73% in other industries, with confidence especially low among Gen Z (40%) and those in commercial roles (51%).

The research suggests that it’s not simply about access to benefits: it’s about making benefits easier to use in practice, especially in a sector shaped by variable pay and complex decisions. Many financial services workers receive performance-based compensation (bonuses, profit-sharing, commissions, equity), yet nearly half do not adjust retirement contributions during higher-pay periods, potentially limiting long-term savings outcomes.

“Financial services workers are often seen as ‘covered’ because pay is strong and the workforce is financially literate, but the data shows a different reality,” said Brendan McCarthy, Head of Retirement Investing, Nuveen. “When employees are reducing contributions, trading down benefits, and still expecting to retire years later than they want, it’s a signal that benefits need to work harder."

The full findings, including data highlights and editorial analysis, are available at Nuveen.com/Benefits.

About Nuveen

Nuveen, a TIAA company, is a global investment leader, managing $1.4T in public and private assets for clients around the world, as of December 31, 2025. With broad expertise across income and alternatives, we invest in the growth of businesses, real estate, infrastructure, and natural capital, providing clients with the reliability, access, and foresight unique to our 125+ year heritage. Our prevailing perspective on the future drives our ambition to innovate and adapt our business to the changing needs of investors - all to pursue lasting performance for our clients, our communities, and our global economy.
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