Steep inflation and interest rates helped shape much of the 2023 fiscal year. Through heightened financial stress and economic uncertainty, employees increasingly see employer-sponsored retirement plans as an essential part of their benefits package.
The annual Vestwell Savings Industry Report surveys over 1,200 working Americans, revealing challenging financial circumstances amid today's economy.
Student loans are a significant hindrance on an individuals' ability to save for retirement. By addressing this issue, employers can strengthen employee retention and demonstrate a commitment to their employees' financial well-being. Most (93%) employees with student loans say that their student debt has affected their ability to save for retirement. More than eight in 10 (85%) employees expect their employer to offer retirement benefits as a means to offset their debt.
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