Millennial and Gen Z Employees Expect to Postpone Retirement Due to Pandemic, According to Broadridge Survey
NEW YORK, Dec. 9, 2020 /PRNewswire/ -- Employed Americans' concerns over financial wellness continue to grow as two-thirds report that it is more important to them now than it was three months ago, according to a new study released today by Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader. The study also found that over half of Millennial (
Over one-third of workers (
Workers who reported reduced financial wellness benefits since the beginning of the pandemic made material lifestyle adjustments in order to stay on track to maintain financial goals.
"Now more than ever employees are reliant on their employers to provide them with the proper tools and resources to meet their financial goals," said Cindy Dash, Senior Vice President at Matrix Financial Solutions, a Broadridge company. "What's very interesting is that two-thirds of respondents said they would leave their job if an employer took away a financial wellness benefit that is important to them. In navigating the aftermath of the pandemic, employers are going to face increased pressure to provide enhanced financial wellness benefits, especially if they reduced their offerings during the pandemic. If not, they will risk losing their valued employees."
What American Workers Need From Employers To Achieve Financial Wellness
Two-thirds of respondents stated they would look for another job if their employer took away any of the financial wellness benefits that are important to them. Seventy-two percent of respondents say that after salary, financial wellness benefits are the most important factor for them in deciding to accept a job offer.
Sixty percent of workers say that the pandemic has caused them to look much closer at the benefits an employer offers.
When asked about what financial information they would find beneficial from their employer, responses varied across generations.
Younger Americans Proactively Planning Their Financial Future
Despite being the furthest away from retirement,
The study finds that younger generations are more likely to believe that having a financial advisor is worth the cost (
Methodology
The Broadridge survey was conducted by The Center for Generational Kinetics (CGK). A total of 1,250 current full-time employees completed the survey, which was fielded in September 2020.
For further details on survey methodology, please contact a Broadridge media representative.
About Broadridge
Broadridge Financial Solutions, Inc. (NYSE: BR), a
For more information about Broadridge, please visit www.broadridge.com
Media Contacts:
Matthew Luongo
Prosek Partners
+1 646.818.9279
mluongo@prosek.com
Tina Wadhwa
Broadridge Financial Solutions
+1 917-526-2332
Tina.Wadhwa@broadridge.com
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SOURCE Broadridge Financial Solutions, Inc.