Research continues to show that financial issues remain a stress point for workers. A December 2016 study by Transamerica shows that while workers list saving for retirement as their highest financial priority (26%), it is closely followed by covering basic living expenses (21%) and paying off credit card and consumer debt (17%).
Employers continue to take note. According to a survey published by Aon Hewitt in January 2017, 72% of employers have or are in the process of creating a “financial well-being” strategy, incorporating topics beyond retirement planning.
PEI has begun working with clients to help identify how best to develop a financial wellness strategy. We recommend clients:
- Determine needs and goals for a financial wellness program
- Look at offerings from your recordkeeper, including vendors that have partnered with your recordkeeper
- Consider additional providers as necessary
As part of our support for clients, we have developed a survey that can be used with your employees to examine areas of need and interest for support, helping clients narrow down potential solutions and delivery methods. If this is a topic of interest to you, please reach out to your dedicated PEI consultant.