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Financial Wellness: Do Your Participants Need It?

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.