PLANADVISER - January/February 2019 - 18

trendspotting
Financial
Wellness
Badly
Needed
Employees express
concerns about
budgeting, health
care costs and lack
of emergency funds
FINANCIAL wellness programs
are
popular when offered as an employersponsored
benefit, but few employers
actually offer them, says Corporate
Insight's 2018 employee financial wellness
survey report " A Roadmap of the
Financial Wellness Ecosystem. "
Of the 1,544 employees surveyed,
a mere 221 (14%) indicated that their
employer offers programs or resources
to help improve financial well-being;
63% indicated that
they use
such
programs when offered. More than
half (53%) of respondents who said
their employer did not offer a wellness
program also said it should.
In a comparison of respondents
who are enrolled in an employersponsored
financial wellness program
with those who are not,
TALKING POINT
Why Small-Business Owners Support
Open Multiple-Employer Plans
Fifty-five percent of small-business owners
think MEPs will lower participation costs;
54% think they will reduce employee fees.
Source: Empower
16 | planadviser.com January-February 2019
Art by John Cuneo
the former
tended to report feeling " very confident " -49%
vs. 23%, respectively-and
more knowledgeable about retirement
than did the unenrolled group. The
enrolled group was also more likely
than the unenrolled group to report
having joined their employer's defined
contribution (DC) retirement plan, not
to mention contributing more to retirement
and having more saved overall.
Forty-four percent of respondents in
total indicated they are very concerned
about budgeting, while around 40%
expressed being very concerned about
health insurance, health care costs,
emergency savings and the length of
time they have to save. Around 38%
said concerns about credit and debt
management are top of mind.
When it comes to financial and
retirement planning and savings
topics, more than half of respondents
reported being a novice or having
limited understanding of asset allocation,
market volatility, stock options
and estate planning. Forty-seven
percent said they had limited knowledge
about general investing strategies,
while the same percentage reported
limited knowledge about pensions and
the effects of working in retirement.
Overall, the largest percentage
of respondents said they had saved
less than $10,000 for retirement. Baby
Boomers are the only age demographic
that reported greater savings: 20%
indicated having between $50,000
and $100,000 saved. Across all survey
respondents, the most common savings
rate was 4% to 6%. -Rebecca Moore

http://www.planadviserdigital.com/planadviser/january_february_2019/TrackLink.action?pageName=16&exitLink=http%3A%2F%2Fplanadviser.com

PLANADVISER - January/February 2019

Table of Contents for the Digital Edition of PLANADVISER - January/February 2019

PLANADVISER - January/February 2019 - Cover1
PLANADVISER - January/February 2019 - Cover2
PLANADVISER - January/February 2019 - 1
PLANADVISER - January/February 2019 - 2
PLANADVISER - January/February 2019 - 3
PLANADVISER - January/February 2019 - 4
PLANADVISER - January/February 2019 - 5
PLANADVISER - January/February 2019 - 6
PLANADVISER - January/February 2019 - 7
PLANADVISER - January/February 2019 - 8
PLANADVISER - January/February 2019 - 9
PLANADVISER - January/February 2019 - 10
PLANADVISER - January/February 2019 - 11
PLANADVISER - January/February 2019 - 12
PLANADVISER - January/February 2019 - 13
PLANADVISER - January/February 2019 - 14
PLANADVISER - January/February 2019 - 15
PLANADVISER - January/February 2019 - 16
PLANADVISER - January/February 2019 - 17
PLANADVISER - January/February 2019 - 18
PLANADVISER - January/February 2019 - 19
PLANADVISER - January/February 2019 - 20
PLANADVISER - January/February 2019 - 21
PLANADVISER - January/February 2019 - 22
PLANADVISER - January/February 2019 - 23
PLANADVISER - January/February 2019 - 24
PLANADVISER - January/February 2019 - 25
PLANADVISER - January/February 2019 - 26
PLANADVISER - January/February 2019 - 27
PLANADVISER - January/February 2019 - 28
PLANADVISER - January/February 2019 - 29
PLANADVISER - January/February 2019 - 30
PLANADVISER - January/February 2019 - 31
PLANADVISER - January/February 2019 - 32
PLANADVISER - January/February 2019 - 33
PLANADVISER - January/February 2019 - 34
PLANADVISER - January/February 2019 - 35
PLANADVISER - January/February 2019 - 36
PLANADVISER - January/February 2019 - 37
PLANADVISER - January/February 2019 - 38
PLANADVISER - January/February 2019 - 39
PLANADVISER - January/February 2019 - 40
PLANADVISER - January/February 2019 - 41
PLANADVISER - January/February 2019 - 42
PLANADVISER - January/February 2019 - 43
PLANADVISER - January/February 2019 - 44
PLANADVISER - January/February 2019 - 45
PLANADVISER - January/February 2019 - 46
PLANADVISER - January/February 2019 - 47
PLANADVISER - January/February 2019 - 48
PLANADVISER - January/February 2019 - 49
PLANADVISER - January/February 2019 - 50
PLANADVISER - January/February 2019 - Cover3
PLANADVISER - January/February 2019 - Cover4
https://www.planadviserdigital.com/planadviser/july_august_2021
https://www.planadviserdigital.com/planadviser/may_june_2021
https://www.planadviserdigital.com/planadviser/march_april_2021
https://www.planadviserdigital.com/planadviser/january_february_2021
https://www.planadviserdigital.com/planadviser/november_december_2020
https://www.planadviserdigital.com/planadviser/september_october_2020
https://www.planadviserdigital.com/planadviser/july_august_2020
https://www.planadviserdigital.com/planadviser/may_june_2020
https://www.planadviserdigital.com/planadviser/march_april_2020
https://www.planadviserdigital.com/planadviser/january_february_2020
https://www.planadviserdigital.com/planadviser/november_december_2019
https://www.planadviserdigital.com/planadviser/september_october_2019
https://www.planadviserdigital.com/planadviser/july_august_2019
https://www.planadviserdigital.com/planadviser/may_june_2019
https://www.planadviserdigital.com/planadviser/march_april_2019
https://www.planadviserdigital.com/planadviser/january_february_2019
https://www.planadviserdigital.com/planadviser/november_december_2018
https://www.planadviserdigital.com/planadviser/september_october_2018
https://www.planadviserdigital.com/planadviser/july_august_2018
https://www.planadviserdigital.com/planadviser/may_june_2018
https://www.planadviserdigital.com/planadviser/march_april_2018
https://www.planadviserdigital.com/planadviser/january_february_2018
https://www.planadviserdigital.com/planadviser/november_december_2017
https://www.planadviserdigital.com/planadviser/september_october_2017
https://www.planadviserdigital.com/planadviser/july_august_2017
https://www.nxtbookmedia.com