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More than one-third of respondents to a OneAmerica survey said they are paying off student loan debt for themselves or someone else. Of that group, 85 percent said it's impacting their ability to save for retirement. To help address these concerns, OneAmerica recommended educating Americans on various savings plans to better prepare for educational expenses.

Many credit unions offer financial literacy programs to help their members be in control of their finances. NAFCU's March Economic & CU Monitor found that two-thirds of credit unions surveyed offer programs focused on retirement savings, and a majority are partnering with third-party vendors to help members with budgeting, personal financial management and credit monitoring. Many credit unions also offer incentives to help members save.

In a recent NAFCU Compliance Blog post, NAFCU Regulatory Compliance Counsel Reginald Watson explains new protections for members and cosigners with private student loans passed under the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). Watson answers common questions from credit unions about the changes and explains that the law also "encourages credit unions to create loan rehabilitation programs that delay or exclude the reporting of private student loan defaults to consumer reporting agencies."

When asked what is the most important attribute to achieving financial wellness in the OneAmerica survey, the top three responses were: controlling debt (24 percent), contributing more to retirement savings (22 percent) and creating a budget (19 percent).

Read more about OneAmerica's survey results on retirement readiness here.