PLANSPONSOR - December 2021 - January 2022 - 30
2022 INNOVATION ISSUE | WELLNESS
Ramping Up Offerings
Workers look to their employer for help to achieve financial wellness
T
he case for offering employees a
financial wellness program is solid.
According to a recent Empower
Retirement and Personal Capital survey,
three-quarters of Americans said their
financial health affects their physical and
mental health. More than half of respondents
also said financial health directly
relates to their overall quality of life.
PwC's 2021 Employee Financial
Wellness Survey reported that the
pandemic-induced financial stress manifested
itself in reduced employee productivity,
less employee loyalty, and possible
medical problems. Forty-five percent of
respondents said their finances had been
a distraction at work, and 57% avoided
addressing a medical issue due to cost.
More employers recognize the financial
wellness/productivity link and are
responding, according to Kevin Crain,
head of retirement research and insights
at Bank of America in New York City. " In
our '2021 Workplace Benefits Report,'
95% of employers expressed a focus on
improving financial wellness of their
employees, " Crain says.
" During the pandemic, employers
have increased this focus as well, " he continues.
" For example, 45% offer support for
developing good financial habits, up from
39% in 2020. And 31% offer tips and support
on how to handle a financial shock,
up from 21% in 2020. " Financial wellness
programs work, he adds. " Eighty percentplus
of employers surveyed noted these
programs improve employee productivity,
satisfaction, engage ment and loyalty. "
Broadly Defined Target
So what exactly is financial wellness? In
early 2021, Empower and Personal Capital
asked employees to define it, and they did
so, based on what it meant to them:
Stability - 45% said financial wellness
is having enough money to pay the
bills and have an emergency fund.
Survival - 41% said financial wellness
means making ends meet.
Lifestyle - 29% said financial wellness
is having a worry-free life.
Demographic factors such as
age, gender and ethnicity affect how
employees view financial wellness. Bank
30 PLANSPONSOR.COM December 2021 - January 2022
Art by Miriam Martincic
http://www.PLANSPONSOR.COM
PLANSPONSOR - December 2021 - January 2022
Table of Contents for the Digital Edition of PLANSPONSOR - December 2021 - January 2022
INSIGHTS
RULES & REGULATIONS
UPFRONT
ESG Interest Piqued
2021 Best in Class DC Providers
Ramping Up Offerings
Annuities Still Misunderstood
Student Loan Repayment
FIDUCIARY FORUM
INSIDE ANGLE
PLAN PROFILE
PLANSPONSOR - December 2021 - January 2022 - Cover1
PLANSPONSOR - December 2021 - January 2022 - Cover2
PLANSPONSOR - December 2021 - January 2022 - 1
PLANSPONSOR - December 2021 - January 2022 - 2
PLANSPONSOR - December 2021 - January 2022 - 3
PLANSPONSOR - December 2021 - January 2022 - INSIGHTS
PLANSPONSOR - December 2021 - January 2022 - 5
PLANSPONSOR - December 2021 - January 2022 - RULES & REGULATIONS
PLANSPONSOR - December 2021 - January 2022 - 7
PLANSPONSOR - December 2021 - January 2022 - 8
PLANSPONSOR - December 2021 - January 2022 - 9
PLANSPONSOR - December 2021 - January 2022 - UPFRONT
PLANSPONSOR - December 2021 - January 2022 - 11
PLANSPONSOR - December 2021 - January 2022 - 12
PLANSPONSOR - December 2021 - January 2022 - 13
PLANSPONSOR - December 2021 - January 2022 - 14
PLANSPONSOR - December 2021 - January 2022 - 15
PLANSPONSOR - December 2021 - January 2022 - ESG Interest Piqued
PLANSPONSOR - December 2021 - January 2022 - 17
PLANSPONSOR - December 2021 - January 2022 - 18
PLANSPONSOR - December 2021 - January 2022 - 19
PLANSPONSOR - December 2021 - January 2022 - 2021 Best in Class DC Providers
PLANSPONSOR - December 2021 - January 2022 - 21
PLANSPONSOR - December 2021 - January 2022 - 22
PLANSPONSOR - December 2021 - January 2022 - 23
PLANSPONSOR - December 2021 - January 2022 - 24
PLANSPONSOR - December 2021 - January 2022 - 25
PLANSPONSOR - December 2021 - January 2022 - 26
PLANSPONSOR - December 2021 - January 2022 - 27
PLANSPONSOR - December 2021 - January 2022 - 28
PLANSPONSOR - December 2021 - January 2022 - 29
PLANSPONSOR - December 2021 - January 2022 - Ramping Up Offerings
PLANSPONSOR - December 2021 - January 2022 - 31
PLANSPONSOR - December 2021 - January 2022 - 32
PLANSPONSOR - December 2021 - January 2022 - 33
PLANSPONSOR - December 2021 - January 2022 - Annuities Still Misunderstood
PLANSPONSOR - December 2021 - January 2022 - 35
PLANSPONSOR - December 2021 - January 2022 - Student Loan Repayment
PLANSPONSOR - December 2021 - January 2022 - 37
PLANSPONSOR - December 2021 - January 2022 - FIDUCIARY FORUM
PLANSPONSOR - December 2021 - January 2022 - INSIDE ANGLE
PLANSPONSOR - December 2021 - January 2022 - PLAN PROFILE
PLANSPONSOR - December 2021 - January 2022 - Cover3
PLANSPONSOR - December 2021 - January 2022 - Cover4
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