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Nearly 90 percent of adjunct faculty members say they are saving, most commonly for retirement and building a financial emergency fund, according to a new report from TIAA Institute. TIAA’s 2018 Adjunct Faculty Survey also found that one-third of adjunct professors have contributed to a retirement plan offered by one of their institutions. Adjuncts are paid an average of $3,000 per course, and nearly 60 percent receive less than that, the report says. Some 40 percent report they are working elsewhere in addition to their current college and university. Among adjuncts who did not save for retirement in the past year, 74 percent either had no plan available or were unsure whether they did, TIAA's report says.
Still, one-half of adjuncts report they are satisfied with their current financial situation over all. Fifty-six percent report that it is “easy to make ends meet,” while 16 percent find it difficult. Adjuncts’ financial satisfaction is likely linked to their household income, according to TIAA. Sixty percent of adjuncts are in households with incomes of $50,000 or more, and 30 percent have household incomes of $100,000 or more. Three-quarters of adjunct households carry debt, such as credit cards and mortgages. Student loan debt was common among younger adjuncts. Some 48 percent of those under 40 reported having student loan debt, compared to just 12 percent of those 55 and older.
