Financial stress is on the rise in all generations, indicating that financial wellness programs are missing the mark, according to PwC. A new survey report from the firm suggests many employers have simply relabeled existing resources as "financial wellness programs."
Over the course of five years, the percentage of those who feel they are prepared for retirement more than doubled.
Withdrawals from IRAs accounted for most of the leakage, according to the GAO.
Most retirement plan participants rely on their workplace for financial advice.
Among others, services include a 30-minute complimentary legal consultation with a licensed practicing attorney; discounts on tax planning and preparation services; and a "money coaching" feature.
Principal Milestones, which includes iGrad’s Enrich financial wellness program, helps participants access comprehensive financial education resources all in one place.
Eighty-four percent of intermediaries expect sales of financial wellness programs will expand in the next three to five years, Prudential found.
A subset of return on investment, VOI is more nuanced, MetLife says.
To improve engagement with financial wellness programs, companies are employing new tools based in behavioral science and powered by responsive technology.
It is also challenging to calculate the return on investment from financial wellness programs, Strategic Benefit Services found in a survey.
It also helps to offer financial education continuously, according to the Pension Research Center at The Wharton School at the University of Pennsylvania.
When assessing a program, they first look at cost, and then ease of implementation and expertise, Prudential found.