Living the dream?
Aon’s DC and Financial Wellbeing Employee Survey examines employees’ current financial health and their expectations for retirement. What we have found is compelling. On the whole, employees are optimistic about their finances. Unfortunately, their perceptions often are not aligned with reality.
Although most people are positive about their current financial situation and the majority say they feel confident about making financial decisions that affect their future, they face many challenges, including debt. More than one third of employees who report having good finances also carry credit card debt. Nearly half of employees find dealing with money stressful and overwhelming. Even employees approaching retirement are unsure of how much savings they will need.
The reality is that for most people, retirement will be later in life than previous generations and more fluid. Our research shows that about 60% of people currently approaching a traditional retirement age do not expect to retire until they are 67 or older, if they plan to retire at all. Working in your 70s could become increasingly common.
- How will this change the way people plan their retirement incomes?
- How can we persuade them to plan at all?
Across the age ranges it is apparent that there is an appetite for better information and advice from employers. Ultimately, many employees urgently need — and want — much more help with achieving financial wellbeing. Together, we can help them make those dreams a reality.
The 2018 Aon DC and Financial Wellbeing Employee Survey was conducted in Summer 2018. Aon partnered with Ipsos to survey over one thousand full-time US employees with access to defined contribution plans through their employer.
To learn more about Aon's DC and Financial Wellbeing Employee Survey, download the US Summary above.
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
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