PLANADVISER - July/August 2022 - 16

A
plan design / cover story
How advisers
can help
participants
prioritize their
savings, with
retirement
in mind
16 | planadviser.com July-August 2022
CT
s employers increasingly take a more holistic approach to the
financial wellness of participants, there is growing awareness
that, for many employees, retirement is just one of many financial
demands they are juggling at any given time.
A recent Financial Finesse study found that eight in 10 American
workers last year reported some level of financial stress, with 25%
reporting that
the stress was high or overwhelming.
In response,
employers have expanded their benefit offerings to include important
tools such as emergency savings accounts and student loan assistance.
Among the most common benefits added to financial wellness
programs in the past year are a wellness stipend (38%), access to a financial
adviser (30%) and child-care support (28%), according to Betterment.
" There are formidable, competing financial priorities, but the good
news is that many employer financial plans have been expanding the
tool kit participants have access to, in recent years, " says Catherine
Collinson, CEO and president of the Transamerica Retirement Institute
and president of the Transamerica Center for Retirement Studies.
Those expanded benefits reflect employer recognition that improving
financial wellness can reduce turnover and increase productivity, and
also that employees, in his tight labor market, have been demanding
the help. Nearly 90% of workers said it is important for employers to
offer a financial wellness program, and two-thirds said these programs
improve company loyalty, John Hancock recently found.
But the more benefits employers offer, the more assistance employees
need, so they can apprehend how the offerings all work together-and
how to best use them to get on, or remain on, solid financial ground while
planning for a successful retirement. People have only so many dollars
left over each month, after all, and it can be hard to figure out whether to
use those to boost retirement savings, for example, or to make progress
toward other financial goals.
That creates an opportunity for advisers, who can work with plan
sponsors and their participants to help those individuals gain the most
from the benefits at their disposal.
Art by Allie Sullberg
Balancing
A

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PLANADVISER - July/August 2022

Table of Contents for the Digital Edition of PLANADVISER - July/August 2022

Balancing Act
Greater Access
Previewing Plan Features
A Different Way to Save
Next-Level Options
New Territory for Income?
Compliance for Wealth Managers
If Caught Off Guard by A Failure
Larry E. Crocker
PLANADVISER - July/August 2022 - C1
PLANADVISER - July/August 2022 - FC1
PLANADVISER - July/August 2022 - FC2
PLANADVISER - July/August 2022 - C2
PLANADVISER - July/August 2022 - 1
PLANADVISER - July/August 2022 - 2
PLANADVISER - July/August 2022 - 3
PLANADVISER - July/August 2022 - 4
PLANADVISER - July/August 2022 - 5
PLANADVISER - July/August 2022 - 6
PLANADVISER - July/August 2022 - 7
PLANADVISER - July/August 2022 - 8
PLANADVISER - July/August 2022 - 9
PLANADVISER - July/August 2022 - 10
PLANADVISER - July/August 2022 - 11
PLANADVISER - July/August 2022 - 12
PLANADVISER - July/August 2022 - 13
PLANADVISER - July/August 2022 - 14
PLANADVISER - July/August 2022 - 15
PLANADVISER - July/August 2022 - Balancing Act
PLANADVISER - July/August 2022 - 17
PLANADVISER - July/August 2022 - 18
PLANADVISER - July/August 2022 - 19
PLANADVISER - July/August 2022 - Greater Access
PLANADVISER - July/August 2022 - 21
PLANADVISER - July/August 2022 - 22
PLANADVISER - July/August 2022 - 23
PLANADVISER - July/August 2022 - Previewing Plan Features
PLANADVISER - July/August 2022 - 25
PLANADVISER - July/August 2022 - 26
PLANADVISER - July/August 2022 - 27
PLANADVISER - July/August 2022 - A Different Way to Save
PLANADVISER - July/August 2022 - 29
PLANADVISER - July/August 2022 - 30
PLANADVISER - July/August 2022 - 31
PLANADVISER - July/August 2022 - Next-Level Options
PLANADVISER - July/August 2022 - 33
PLANADVISER - July/August 2022 - 34
PLANADVISER - July/August 2022 - 35
PLANADVISER - July/August 2022 - New Territory for Income?
PLANADVISER - July/August 2022 - 37
PLANADVISER - July/August 2022 - Compliance for Wealth Managers
PLANADVISER - July/August 2022 - If Caught Off Guard by A Failure
PLANADVISER - July/August 2022 - Larry E. Crocker
PLANADVISER - July/August 2022 - Cover3
PLANADVISER - July/August 2022 - Cover4
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