Defined contribution (DC) plan sponsors’ No. 1 goal for their participants has moved from increasing savings rates to addressing workers’ broad financial wellbeing and helping them achieve retirement readiness, Alight Solutions found.
As part of its 5-Step Financial Wellness Program, the university offers education for employees and retirees as well as employers.
From targeted education to utilizing investments, 2018 highlighted different areas of financial wellness.
The program, described to "optimize wellbeing," launches at a time when employers are looking for more financial wellness platforms that better suit the needs of their employees.
John Hancock researchers sought to quantify the cost of workers’ financial stress for employers, finding the average annual excess expense per employee is a lot more significant than may be assumed.
Besides evaluating participant financial stress levels, a new OneAmerica survey also looks at the specific factors causing participants to experience financial stress.
“In this year’s survey, an astounding 85% of respondents paying toward student loans reported that their obligation to repay the funds are impacting their ability to prepare for retirement,” warns Marsha Whitehead, OneAmerica vice president of enterprise marketing.
A Fidelity survey has found a link between employee debt and productivity and health issues.
“We need to think about benefits in the way employees view them,” Benz Communications’s Engagement Strategist Megan Yost said during a webcast.