Fidelity's 2017 Higher Education Faculty Study reveals how faculty members and administrative staff on campuses across the country feel about their retirement prospects, current financial circumstances, and general knowledge of personal finance.
Fidelity partnered with Versta Research to survey 1,000 benefits-eligible employees at a mix of two-year and four-year colleges and universities. Around 375 of respondents were faculty and the rest were administrative staff. Respondents were each asked to assess their financial literacy and decision-making.
Among the findings:
- 54% of faculty respondents fear running out of money during retirement;
- 34% of faculty respondents say Medicare/ health-care cost is weakest area of their financial knowledge; and
- 29% of faculty respondents report they are unaware of the different investments they have in their retirement savings.
On average, faculty say they would give themselves a "B" in personal financial literacy.
Meanwhile, students are also growing more concerned about debt. A 2014 study revealed that 47% of millennials use more than half of their income to pay off loans (Lederman, Inside Higher Ed, 3/28; Fidelity.com, accessed 3/29; Moore, Planadviser.com, 3/28).
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