Is it more than education? Is it a full-blown program or something spontaneous and ad hoc? How frequently is it delivered, and how is it benchmarked? Who delivers it, and when?
Tag: Financial Wellness
Addressing employees’ financial issues can help them free up cash to save for retirement, including long-term health care costs.
To help allay their fears, MetLife has issued the first of four white papers on financial wellness.
Compared with new users, repeat users are 24% more apt to be on track for retirement and 21% more apt to have confidence in their investments, Financial Finesse research finds.
While employees are grappling with things like higher health care costs, financially supporting other family members and debt, a study from PwC finds they are not always taking the right steps to manage these issues and to invest and save for retirement adequately.
Student debt management is a complex and delicate issue that has a significant impact on employees’ broad financial wellness—but providing support can be straightforward from the plan sponsor perspective.
A study shows that higher levels of trust lead to better financial decision-making which includes higher rates of savings, increased commitment to savings, and increased loyalty to providers.
Student debt hurts the financial well-being of an overwhelming portion of respondents to a new survey—with the scourge of student debt cutting across generations and economic status.
Nearly half would like a digital retirement coach, an Accenture survey found.
EY Navigate supports users as they manage the twists and turns of their financial life journeys, breaking down complex tasks, such as retirement planning and debt management, into bite-sized activities, and also offers personal planning with EY professionals.
Education benefits that address rising student loan debts and parents saving for children’s future college cost are financial well-being benefits that are gaining traction.
Bruce McClary, vice president of communications at the NFCC, says its survey shows Americans of all generations are increasingly challenged by financial commitments.
“Low levels of financial literacy—not only [among] the young but also people close to retirement—show we need to step up the effort to promote financial knowledge across the entire population," says Annamaria Lusardi with the Global Financial Literacy Excellence Center.
Employees are racking up credit card debt and borrowing from retirement savings to pay for unexpected expenses.
“We’ve designed a hybrid digital/human financial wellness service that supports users as they manage the twists and turns of their financial life journeys," says Lynn Pettus from Ernst & Young.
Nearly half of respondents to a LendEDU survey said they believe they will be able to retire sooner as a result of greater take-home pay due to tax reform.
Three-quarters of respondents to a Schwab Stock Plan Services survey consider equity compensation part of their long-term financial plan, and most say their equity compensation helps them feel less stressed about their finances and more prepared for retirement.
“Financial stress distracts employees and can hurt an organization’s bottom line by lowering productivity, increasing turnover and harming workers’ health,” warns Elias Vogen, Securian’s director of group insurance client relationships.
The initiative comes after Transamerica studied the parallel nature between physical and financial lifestyles.