Fidelity has predictions for retirement plan trends this year, and it expects more focus on education and wellness.
The company notes that employees don’t leave their financial problems at home, which leads to distractions and lower productivity at work. That’s why more employers are offering tools to help with budgeting, debt management, prioritizing savings goals and managing life events such as a wedding or buying a new home. One example of the strong need by employees: Fidelity’s online financial wellness experience has received more than one-million visits since April by those needing information.
Fidelity also expects more online and on-demand benefits education. Attendance at Fidelity’s live web education sessions is up 52% and use of on-demand seminars is up 62% since 2012. In addition, the “take action” rates for on-demand seminars are consistently higher than both virtual web sessions and in-person seminars. Employees of all ages are gravitating to the sessions, which range from the basics such as impact of increasing savings, to the complex, such as Social Security claiming strategies.
But it’s not all about financial wellness. Benefits programs are evolving into total well-being platforms. Employers are educating workers about the value of health savings accounts (HSAs) and offering financial incentives for participation in wellness programs (weight loss, smoking cessations, etc.). They are also focused on helping employees transitioning into retirement ensure their retirement savings isn’t depleted by health care costs. NEXT: Focus on retirement income and stricter guidelines for loans