As many of you prepare for open enrollment, you might be interested in a few facts that were uncovered by a recent LIMRA research study.
- 95{d044ab8acbff62f209a116f8142e303cb886f535b0fcf58cb82cde7cb327d3c9} of employees feel financial literacy is important.
- Yet just over 1/4 feel confident about making important financial decisions.
- Between 1/4 and 1/2 of workers report high levels of financial stress.
- Almost 20{d044ab8acbff62f209a116f8142e303cb886f535b0fcf58cb82cde7cb327d3c9} say their financial situation is affecting their relationships and health.
- 1 in 8 says it’s affected their ability to concentrate while at work.
- Those with the highest stress levels focus mostly on their health insurance and much less on other benefits.
- Workers with the least financial stress say they think about their retirement plans “very often.”
- 59{d044ab8acbff62f209a116f8142e303cb886f535b0fcf58cb82cde7cb327d3c9} of all workers say the amount they pay for their health insurance affects how much they’re saving for retirement.
It’s clear that employees could greatly benefit from financial wellness programs and, in fact, many employers are already offering them. Business owners cite results such as reduced sick leave and disability, as well as improved productivity.
Employees also report satisfaction with these programs and a resulting decrease in their level of financial stress. Currently 60{d044ab8acbff62f209a116f8142e303cb886f535b0fcf58cb82cde7cb327d3c9} of employees have access to employer-sponsored assistance with retirement planning, and over half of that number is taking advantage of that service.
Some employers are even offering specialized financial advice, such as debt management, how to avoid scams, and general budgeting. Programs like these receive the highest satisfaction rating of all the topics covered.
For more information about the LIMRA findings, check out this article on LifeHealthPro.