Among Asians, Blacks, caregivers, Latinos, LGBTQ Americans and women, Prudential Financial found some groups are better prepared for retirement, and some groups focus more on helping others than themselves.
Tag: Financial Wellness
Findings in a Buck survey demonstrate that a failure to creatively invest in employee wellness can result in many adverse consequences for the success and sustainability of a business.
According to a nationwide survey from Schwab Stock Plan Services, equity compensation accounts on average for nearly 30% of employees’ net worth, and almost three-quarters of employees surveyed also own company stock outside of their equity compensation plan.
Many workers earning between $35,000 and $100,000 voice confidence about near-term financial goals, but this seems to be coming at the expense of long-term aspirations.
And public sector employers are more likely than their peers to offer a full range of benefits.
GoBankingRates finds that needing to pay off credit card and other debt is a major roadblock to retirement saving.
Lincoln Financial Group’s Jamie Ohl speaks about the opportunity for plan sponsors to think about their participants’ financial stressors in a more sophisticated way, supporting all the generations in a targeted manner.
The solution uses new digital technology to help employees assess their individual financial wellness needs.
While a majority cite credit card and student loan debt as obstacles to reaching financial goals, Millennial educators are paying attention to retirement savings.
Its Education Center now covers seven life priorities; it has bundled its educational resources by topics; and when participants meet with financial wellness specialists, they are given a personal consultation action checklist.
Of the nearly half of survey respondents who report they have experienced health care cost increases in the past year, 24% state they have decreased their contributions to retirement plans, and 17% have taken a loan or withdrawal from a retirement plan.
PriorityWell covers financial, physical, emotional, social and environmental health.
Results of a participant survey conducted by CUNA Mutual show a close tie between in-person training, short topical online videos, and self-guided learning modules as the preferred way to receive education about retirement plans.
A report from Bank of America Merrill Lynch shows employees who do not feel financially well are most concerned about shorter-term financial goals, whereas employees who do feel financially well are most concerned about long-term goals.
Bank of America Merrill Lynch’s 2018 Workplace Benefits Report also finds men and women show different levels of financial stress.
In applying My Money Connector, retirement plan participants can work toward a budget, monitor spending habits, determine savings goals and manage finances, says the firm.
The feature utilizes an after-tax approach to accrue emergency savings.
Goals like paying off student loans, reducing debt and saving for college can be linked to the tool so users can keep track of their progress.
Mercer suggests smart companies will help employees grow professionally, lead healthier lives and make better financial decisions by leveraging technology to efficiently deliver an enhanced employee experience.