Benefits April 3, 2023 Financial Wellness By the Numbers A review of how many recordkeepers are accommodating wellness offerings on their platforms, what kinds of programs are available and who is providing them. Reported by PS Art by Klaas Verplancke Share of Recordkeepers Offering Integrated Financial Wellness Programs YesNoSource: 2022 PLANSPONSOR Recordkeeping SurveyWhat's Available?The share of recordkeepers offering programs on different financial wellness topics. Personal and Household Budgeting & Expense Tracking47.5%Consumer Debt Management 46.3%Student Loan Repayment37.5%Emergency Savings46.3%Financial goal setting*47.5%Financial crisis management† 30.0%Source: 2022 PLANSPONSOR Recordkeeping Survey *Including non-retirement goals like saving for college, first home, etc. †Including collections, unemployment and certificates required for filing bankruptcy.In-Plan AdviceHow are plans providing financial and investment advice to participants. A planner or adviser outside the plan*57.5%Third-party provider†30.8%Advice and tools from plan recordkeeper43.8%No advice13.8%Other advice3.0%Source: 2022 PLANSPONSOR Recordkeeping Survey *One-on-one onsite meetings. †Independent of plan recordkeeper.What's Covered?The kinds of financial and investment advice available to participants from their plans and the share of plans that offer them. Saving strategies77.3%Budgeting tools64.0%Financial markets & investing basics68.6%Credit/debt management*35.0%Student loans/debt management27.0%Home buying20.7%College savings37.4%Tax/estate planning38.5%Retirement health care costs†46.4%Social Security claiming strategies34.7%Rolling in past balances‡53.6%Rollover options§49.2%None‖36.6%Source: 2022 PLANSPONSOR DC Plan Benchmarking *Excluding student loans/debt †Including savings options ‡For newly hired employees. §For terminated/separating employees. ‖Plan does not offer education on these topics. « How Plan Sponsors Can Offer Backdoor Roth Conversions
