World News – CA – Healthcare workers could delay retirement due to financial issues related to COVID-19


In addition to the mental and emotional pressures of working as a caregiver during a global pandemic, caregivers are also feeling financially stressed, according to a new report

The TIAA Institute’s 2020 Healthcare Financial Well-Being Survey found that the financial situation of 45% of healthcare workers surveyed had deteriorated since the start of the COVID pandemic -19 And 27% of those workers expected their finances to deteriorate next year

« The impact of COVID-19 on healthcare facilities and their staff has been extreme, » said Paul Yakoboski, senior economist at the TIAA Institute and author of the report « Some segments have seen significant increases in hours work, while others experienced time off, layoffs and pay cuts While much attention has been paid to the mental and emotional toll of our frontline medical workers, we must also pay attention to the bottom line of this obviously critical industry and its employees. »

Of those polled, 45% now plan to work after age 67 and 38% are less confident about their retirement savings, report says Expected retirement age increased for 29% of healthcare workers aged 50 and over

Of the 75% of healthcare workers who made emergency savings before the pandemic, around 33% took it

According to the Bureau of Labor Statistics, employment in the health care sector was down 32% in September compared to a year ago, but the numbers have increased throughout the year

In response, national organizations like the American Nurses Foundation, have established pandemic response funds for nurses and other healthcare workers in need

The 2020 Healthcare Financial Well-Being Survey was conducted online from May 21 to June 11 and included responses from 1,203 healthcare workers, including registered nurses, physicians and surgeons , other healthcare professionals, clerical and administrative staff, and non-medical professionals

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Finance, Healthcare Professional, TIAA, Savings

World news – CA – Healthcare workers may delay retirement due to financial problems related to COVID-19



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