PLANSPONSOR - February - March 2022 - 4

INDUSTRY ANALYSIS
What They Need
A
majority of U.S. workers (67%)
have reassessed what they want
from employers, with 44% having
left, or at least having thought about
leaving, their job in the past year, according
to Franklin Templeton's recently published
Voice of the American Worker Survey.
" For employers across the country,
there's never been a more urgent time to
evaluate benefit offerings and consider
ways to evolve how those support employee
needs, " says Yaqub Ahmed, head of retirement,
insurance and 529 - U.S. at Franklin
Templeton. " With turnover at an all-time
high, improving employee well-being is
vital to the health of any business. "
Of the 1,005 survey respondents,
64% said they would like " more valuable
benefits " than what their employer offers.
Fifty-six percent said they are interested
in talking to a financial professional; 61%
are interested in financial planning tools
and 54%, in financial education, with
some respondents already receiving these
benefits.
Data showing what plan sponsors
currently offer participants can be found
in the 2021 PLANSPONSOR Defined
Contribution Benchmarking Report.
Overall, 51% of the 2,004 sponsor respondents
give direct access to financial professionals
for one-on-one meetings, and 27%
offer advice through a third party.
Forty-one percent of respondents
offer financial advice tools through their
DC providers, the benchmarking report
also noted. Additionally, sponsors supply
financial education and guidance through
various means-e.g., 53% provide savings
strategies and 43%, budgeting tools.
Ultimately most important is what
kind of financial help a particular workforce
needs. " The first step is understanding
the employee demographics, "
says Matt Cellini, a partner at Greenspring
Advisors. " What does your employee bell
curve look like? " -Judy Faust Hartnett
4 PLANSPONSOR.COM February - March 2022
Access to financial
professionals
Financial
planning tools
Non-retirement plan
education/resources
The Benefits of Financial Management
Availability of Financial Management and Education Benefits to Workers
This study surveyed 1,005 employed U.S. adults. All respondents had some form of
retirement savings.
Employer offers, and I ...
... use it
22%
31%
19%
... don't use it
24%
22%
24%
Employer doesn't offer, and I ...
... wish it did ... wouldn't use it
34%
30%
35%
Source: Franklin Templeton, Voice of the American Worker Survey
How Financial Advice Is Offered to Participants
One-on-one on-site meetings
Third-party provider
DC provider's tools
Other program
51%
27%
41%
2%
Does not offer
16%
Topics Covered in the Company's Formal Financial Education/Guidance
Saving strategies/prioritization
Budgeting tools
Credit/Debt management
Rolling over of past balances
Social Security withdrawal options
No education on these topics
53%
43%
26%
37%
25%
35%
Source: 2021 PLANSPONSOR Defined Contribution Benchmarking Report
22%
16%
21%
http://www.PLANSPONSOR.COM
PLANSPONSOR - February - March 2022

Table of Contents for the Digital Edition of PLANSPONSOR - February - March 2022
