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Student debt takes a toll on 401(k)s: Worker incentives that improve savings

There are proactive steps employers can take to address student loan issues, such as providing better information on loan forgiveness eligibility and creating incentives like matching contributions, according to MissionSquare.

By Lynn Cavanaugh | November 22, 2024 at 11:40 AM
Paid-education

“More than ¾ of employees agree they should be saving more for retirement, with the top reasons for not doing so being that they cannot afford to, they have other saving priorities, such as to buy a home, or they have too much debt,” said Gerald Young, Senior Researcher, MissionSquare Research Institute.

A new report from MissionSquare Research Institute reveals that 93% of private sector employees and 89% of public sector workers with student loans consider their debt levels “problematic.” MissionSquare gathered data from its most recent survey or more than 2,000 public and private sector employees, Student Debt Impacts on Public and Private Sector Employees,

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