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Understanding the financial stress of nurses A closer look at financial burdens and trends along with some solutions Every day they put others first… Our healthcare heroes show extraordinary dedication and courage when they put others first day after day. Nurses have been at the frontlines during the pandemic, and we at Fidelity cannot express our gratitude for them enough. In this study, we examine how nurses behave when it comes to financial wellness and retirement planning. We also provide suggested next steps for plan sponsors to help improve the financial health of this important group of employees.

Transcript of h v v ] v P Z ( ] v v ] o } ( v µ

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Understanding the financial stress of nurses A closer look at financial burdens and trends along with some solutions

Every day they put others first…

Our healthcare heroes show extraordinary dedication and courage when they put others first day after day. Nurses have been at the frontlines during the pandemic, and we at Fidelity cannot express our gratitude for them enough.

In this study, we examine how nurses behave when it comes to financial wellness and retirement planning. We also provide suggested next steps for plan sponsors to help improve the financial health of this important group of employees.

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Despite working tirelessly through the COVID-19 pandemic, many nurses have faced increased financial challenges1

61%are overwhelmed by their lack of emergency savings

46%are worried about their debt

And the pandemic has intensified financial anxieties

5.3%withdrew from their retirement savings under the CARES Act

8%decreased deferrals to their retirement plan

Consistency helpsLosing even one year of contributions can have a significant impact on a plan

You can help make saving easier Consider promoting these complimentary participant resources:

Planning &Guidance Center

Power of Small Amounts tool

Schedule time with a Workplace Financial Consultant

Budget Checkup tool

1 in 4nurses feel stressed about their financial situation

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Why is this important?

Retirement plan engagement for nurses2

In the midst of these stressors, nurses looked to Fidelity for assistance

63% 66% 69%76% 77%

61% 66% 69% 72% 72%

2017 2018 2019 2020 2021

14%increase

in Fidelity engagement over the last

five years

While market volatility generated a spike in overall healthcare worker engagement, nurses continued to engage at the same levels after the markets stabilized.

Nurses using FidelityOverall healthcare workers using Fidelity

High engagement

Basic engagement Unengaged

% of nurses

% of participants contributing

% of savings

During the pandemic, people realized the importance of ensuring that their finances were in order.Moreover, they came to value the education and assistance Fidelity can bring. Their increased engagement led to better savings.

23%

89%

9%

27%

95%

12%

50%

98%

14%

So, what does this increased engagement mean for overall retirement readiness?

Nurses using Fidelity

Overall healthcare workers using Fidelity

86%% females

$90,000Avg. balance

9Avg. tenure

42Avg. age

Promote better habitsEncourage employees to start saving as early as possible because the power of compounding can help boost employee savings beyond investments.

Fidelity serves over 1.5 million nurses3

Nurses’ retirement readiness vitals3

Plan participation rate

Age-appropriate asset allocation

Total savings rate

86%

83%

89%

4%

46%

32%Millennials

Boomers

Generational breakdown

Gen X

Gen Z

12.4%

12.3% 84%

17%

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Nurses also face other financial burdensthat Fidelity can help remedy4

Auto solutions to drive participation

Consider having an auto enrollment default rate closer to the match ceiling

Enable auto enrollment for all eligible employees at a default rate of 4%–6%

Implement an automatic Annual Increase Program with a cap of 10%

Auto enrollment (AE)Participants are automatically enrolled in a savings plan –there’s no extra opt-in feature, which means busy nurses don’t have to find time for lengthy administrative processes to start saving.

Annual Increase Program (AIP), eitherparticipant-elect or plan automaticPlan contributions can be set to auto increase each year, giving nurses a low-touch way to increase their retirement savings.

…and enhance savings with deferral rates

86%have access to auto increase plans

40%are enrolled in an Annual Increase Program

Best practices for promoting healthier retirement planning

70%have access to auto enrollment (AE)

75%of AE plans, approximately, have a default deferral rate of 3% or higher

62%contribute more than the default rate when AE rate is 4% or higher

2.8%increase in employee deferral rates with plan auto increase

23% of nurses are staying at the default rate when the AE rate is 4% or higher

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Nurses also face other financial burdensthat Fidelity can help remedy4

Student debts hinder nurses from reaching their financial planning goals

5xas many visits to Fidelity NetBenefits® when enrolled in the student debt program7

52%reduction in overall turnover for employers who offered Student Debt: Direct SM 9

32% expected growth for employers offering student debt repayment benefits8

An employer student debt program can benefit bothnurses and their employers

4%decrease in deferral rates for employees with student debt

$40,000–$55,0005

median student debt among nurses

1 in 2nurses under age 40 have outstanding student debt6

Best practices for tackling student debt

For employers…

Consider a student debt repayment benefit as part of the benefits package10

For nurses…

Consider using our student debt tool, or learn more about how you can get a handle on your student debt

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Good news! Over the past five years, we’ve seen an improvement in retirement behaviours

88%

94%95%

94%

Participation rate for nurses using Fidelity11

2017 2018 2019 2020

6% increase in the enhanced savings participation rate between 2017 and 2020

8.6%

11.0%

12.9%

16.0%

Gen Z Millennial Gen X Boomers2017 2018 2019 2020 2021

10.9%12.1% 11.7%

13.2% 13.9%

% achieving 15%

19% 23% 28% 31% 34% 30% 19% 44% 10%

Fidelity recommends a target savings rate of 15% annually to prepare for retirement*

And savings rates have been increasing, with nearly half of nurses from Generation X achieving a rate of 15%

Total savings rate12 Total savings rate by generation cohort13

*15% saving rate to be inclusive of both employee and employer contributions.

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7

We’re here to care for our nurses

1. Based on Fidelity Participant Financial Wellness Assessment responses from 1/1/20 to 12/31/20 for 12,000 nurses record kept by Fidelity in not-for-profit healthcare organizations. 2. Based on a sample of 320,000 active nurses with DC balance record kept by Fidelity employed in not-for-profit healthcare organization as of 3/31/21.

a) On-site appointment and seminar attendance from 4/1/20 to 3/31/21 for active participants with a balance as of 3/31/21. Excludes terminated and zero-balance participants. Also excludes forfeiture and alternate payee accounts.b) Phone interactions from 4/1/20 to 3/31/21 for active participants with a balance as of 3/31/21. Excludes terminated and zero-balance participants. Also excludes forfeiture and alternate payee accounts.c) Live web interactions from 4/1/20 to 3/31/21 for active participants with a balance as of 3/31/21. Excludes terminated and zero-balance participants. Also excludes forfeiture and alternate payee accounts.d) Self-directed online tool interactions from 4/1/20 to 3/31/21 for active participants with a balance as of 3/31/21. Excludes terminated and zero-balance participants. Also excludes forfeiture and alternate payee accounts.

3. Based on a sample of 320,000 active nurses record-kept by Fidelity employed in not-for-profit healthcare organization as of 3/31/21.4. Based on a sample of 320,000 active nurses with DC balance record kept by Fidelity employed in not-for-profit healthcare organizations as of 3/31/21. Considers Fidelity record kept NDT 2020 data for participation.5. Based on Fidelity’s student debt prediction analysis as of 3/31/20 for 250,000 nurses employed in not-for-profit healthcare organizations.6. Internal Fidelity data derived from nearly 54,000 Fidelity tool users who shared student loan information and industries, representing nearly 6,000 companies, as of December 31, 2020. 7. 94% of participants enrolled in the student debt program visited NetBenefits® in 2020. By contrast, 82% participants unenrolled visited NetBenefits® 2020. Of the participants who did visit NetBenefits® in 2020, participants enrolled in the student debt benefit visited NetBenefits® 4.5 more mes on average than eligible but unenrolled par cipants. 8. Based on the article “The business case for employee student loan repayment programs” published in January 2020 on SHRM.com9. Fidelity analysis of 24 early adopters of the Student Debt: Direct Benefit program representing more than 100,000 participants. The results were calculated from January 2019 to January 2020.10. Based on the article “How to pay off debt – and save too” published in September 2020 on Fidelity.com11. Fidelity record kept NDT results.12. Based on Fidelity’s record kept data for 150,000 continually active nurses with a balance between 2017 and 2021 and identified as nurses.13. Fidelity record kept data as of 3/31/21 for active participants with a balance. Excludes terminated and zero-balance participants. Also excludes forfeiture and alternate payee accounts. Generational birth years: Gen Z, born after 1996; millennial, 1981-1996; Gen X, 1965-1980; boomers prior to 1965.

Fidelity does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation.

Investing involves risk, including risk of loss.

Screenshot and graphics are for illustrative purposes only.

© 2021 FMR LLC. All rights reserved

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RO 02917

996026.1.1 PLAN SPONSOR USE ONLY

Fidelity is dedicated to helping those who care for us. With decades of experience in the financial planning sector, we’ve gathered insights, tips, and tools that can benefit their financial saving and retirement plans.

You can access the full 2021 nurses’ study here.

Planning & Guidance Center

Power of Small Amounts tool

Schedule time with a Workplace Financial Consultant

Budget Checkup tool

We’re always looking for the best ways to support our nurses. The resources below can show you how to help them make the most of their retirement investments.

Next steps

Resources for planning:

Resources for student debt:

Student debt tool

Get a handle on your student debt


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