Employees know the age of the pension is over. But while they've managed to assume the mindset of being responsible for their own retirements, that doesn't mean they think they can.
According to the 2015 Employee Financial Wellness Survey from PwC, more than 70 percent of employees now say they should be primarily responsible for funding their retirement. Just 17 percent say their employers should do so, and only 13 percent say the government should.
But they don't think they're equal to the challenge. Thirty-five percent say they're going to have to use money they'd intended to fund their retirement for nonretirement purposes, and that number is up from the past two years' responses of 27 percent. And only 43 percent believe they'll be able to retire when they want to, with 54 percent of all employees saying they'd consider a reduced schedule to keep working in retirement if their employers would offer it.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
