May 4, 2012 (PLANSPONSOR.com) – A report from Financial Finesse detailing employee communications received online and to its call center shows increased concern about retirement preparedness.
Adjusted for seasonal tax questions, 73% of employee financial questions in Q1 2012 were focused on taking control of finances to increase success. In addition, 30% of employees' financial questions related to retirement planning, up from 26% in Q1 2011.
Only 14% of employees reported being confident they were on track to retire with 80% of their income (or their goal) in retirement—a slight drop from 15% in Q1 2011. Only 33% of employees were confident their investments were allocated appropriately in Q1 2012—down from 34% in Q1 2011.
Liz Davidson, CEO and founder of Financial Finesse, said that although employees are far from where they need to be, they are showing positive growth by realizing they are behind as they continue to put strong emphasis on proactive financial issues. She says Financial Finesse is impressed by a much more positive trend of lower-income employees reaching out for help and engaging with financial wellness programs, something that lower-income employees often eschewed in the past, believing financial planning was for the wealthy and had nothing to offer employees with more limited assets. The full report can be downloaded from http://goff.im/2012-Q1-Research.