PLANADVISER - November/December 2018 - 9

data points
Resolved: Promote Financial Ed
Educating on saving and budgeting next year could fulfill an employee desire
N
early half,
48%, of workers
responding to the 2018 PLANSPONSOR
Participant Survey
said personal financial education is
either very important (23%) or important
(25%) to them.
Maybe they work for the 47% of
employers
that offer
some
sort of
financial education-a statistic from
the 2017 PLANSPONSOR Plan Benchmarking
Report-or maybe not. Either
way, 53% of employers have yet to add
this employee benefit-something
they might keep in mind for next year.
As we come to the close of 2018,
it is clear that financial wellness has
become quite the industry buzzword,
though exactly what it means is open
to interpretation. As a start, advisers
might work with plan sponsors to
ensure they are-at a minimum-
providing access to holistic financial
education for participants,
How Important Are a Retirement Plan and Education to You?
Very important
Important
Somewhat important
Only sightly important
Not at all important
How Important Is Personal Finance Education to You?
Very important
Important
Somewhat important
Only sightly important
Not at all important
even if
these clients are not yet sold on the
benefit of a large financial wellness
program or platform.
Employers that do offer financial
education address a wide range of
topics. The most common is saving and
budgeting (44%), followed by investing
basics (36%), retirement health care
costs/savings
options
Security withdrawal
(26%), Social
options/strategies
(20%), credit and/or debt management
(18%) and college savings (16%).
As for how they would like to receive
education, participants named a wide
range of methods, the Participant
Survey found. First was meeting oneon-one
with a financial adviser for 30
minutes, cited by 29%; next was a periodic
emailed newsletter, cited by 22%.
Our findings on employee interest
were echoed by the International
Foundation of Employee Benefit Plans'
" Financial Education for Today's Workforce:
2018 Survey Results. " Over two
in five employers reported seeing an
increased demand for financial education
among workers in the past two
years. -Lee Barney
How Would You Like to Receive Education?
Meet one on one with a financial adviser for 30 minutes
40%
23%
17%
14%
7%
23%
25%
24%
20%
9%
29%
Receive a periodic email newsletter with links to more information/actions 22%
Read a short, printed brochure summarizing three to five actionable steps 18%
Browse an interactive, online library that allows for self-paced learning
Participate in a 90-minute, instructor-led group seminar
17%
14%
Source: 2018 PLANSPONSOR Participant Survey
Financial Education That Sponsors Offer, by Topic
Saving and budgeting
Investing basics/strategies
Retirement health care costs/savings options
Social Security withdrawal options/strategies
Credit and/or debt management
College saving
Home buying
No education offered
Source: 2018 Defined Contribution Survey
44%
36%
26%
20%
18%
16%
9%
43%
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PLANADVISER - November/December 2018

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