Lincoln Financial Group has launched Lincoln WellnessPATH, a financial wellness tool that helps retirement plan sponsors improve employee financial wellness.
After completing a simple quiz, employees are given a wellness score and actionable steps they can follow to improve that score. The tool is easy to use and accessible from the employee’s online account. Lincoln WellnessPATH gives employees a clear picture of their finances so they can focus on larger goals, like saving for retirement. In addition, goals like paying off student loans, reducing debt and saving for college can be linked so users can keep track of their progress.
According to Lincoln Financial, its 2017 Retirement Power Participant Study showed 51% of employees are interested in learning how to budget more effectively, and more than 25% of retirement plan participants have researched eight or more financial issues, including: prioritizing financial goals; being on track with savings; and expenses in retirement. Likewise, 78% of employees wish they had a better understanding of the elements of saving for retirement in their workplace retirement plans and six in ten cite their employer as a top source of information about financial topics.
“Financial wellness is about giving employees the tools and confidence they need to make smarter decisions in every aspect of their lives,” says Sharon Scanlon, head of Customer Experience, Retirement Plan Services, Lincoln Financial Group. “From every day budgeting to goal setting and prioritization, we recognize that people want to understand and improve their current financial state.”To learn more about Lincoln WellnessPATH, view this video.