Plan sponsors need to dig deeper and understand the bigger, holistic picture of the workforce, and ask themselves, "What's happening?" (Photo: Shutterstock)
Perspective. It needs to change.
The view from the plan sponsor's office is changing as organizations look to the changing composition of the workforce and the financial fallout from the COVID-19 pandemic on their employees. Older workers are retiring, and their focus is on financial planning for retirement. Generation X is likely focused on the need to save more for retirement because they don't have a pension plan and also contributing to a 529 plan for their kids' college. But for millennials – those over 20 and under 40 – the picture is one of struggling with massive student debt, climbing out from under the bills brought on by COVID-19 lockdowns and layoffs, and a sluggish economy that delivers lower incomes.
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