Economic Uncertainty Forces Workers to Delay Retirement, Raid Savings, and Halt Career Moves
Event summary
- 62% of workers prioritize job security over higher pay or better benefits, with 30% halting job searches in the past five years.
- Workers expect to delay retirement by nearly four years, with lower-income workers anticipating a six-year delay.
- 35% of workers have taken hardship withdrawals from retirement accounts, and 73% have postponed major purchases like homes or cars.
The big picture
The research highlights a workforce increasingly prioritizing stability over advancement, driven by economic uncertainty. This shift has significant implications for employers, who may face higher costs from retaining older workers and a potential talent crunch as younger workers delay career moves. Nuveen, with $1.4T in AUM, sees an opportunity to differentiate itself by offering modern benefits that address these financial insecurities.
What we're watching
- Retirement Planning Shifts
- How employers will adapt benefits packages to address the growing retirement insecurity among workers.
- Career Mobility Trends
- Whether the current job-hugging trend will persist or if economic conditions will shift worker behavior.
- Sector-Specific Impacts
- The pace at which different industries will feel the effects of delayed retirements and reduced career mobility.
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