Participant Education and Advice
The COVID-19 pandemic has elevated the perceived importance of investment advice and financial wellness offerings. This year, a record 85% of plans now offer some form of investment advice. Financial education was also more common and is now offered in 74% of plans, up from just 56% in 2017. Nearly all types of financial education saw year-over-year increases in their accessibility. Such growth is fueled in part by the near universal belief sponsors have in the benefits of financial wellness programs: Over 95% agree that such programs are “very useful” to participants.
Investment Advice Offerings
Types of Financial Education/Guidance Offered
When Offered, Financial Wellness Programs Are Very Useful to Employees/Participants