PLANSPONSOR - May - June 2023 - 4

PARTICIPANT ANALYSIS
Financial Programs' Impact
I
n an attempt to relieve their employees'
stress and improve productivity,
employers increasingly provide them
with access to financial wellness tools.
Findings of the 2022 PLANSPONSOR
Participant Survey suggest that 78% of
employees who are offered financial wellness
programs take advantage of them.
Approximately half of those employees
access the program content digitally or
online. Respondents 40 through 49 years
old were the age group most interested in
financial wellness programs.
Data from Metlife, too, released in
March, confirm that employee interest is
growing: The proportion of workers who
view these resources as a " must have "
increased to 45%, up from 18% in 2019.
Still, the impact of financial wellness
education programs tends to be ambiguous,
according to Anqi Chen a senior
research economist at Boston College's
Center
for Retirement Research. She
compares it with the certainty of depositing
money into workers' retirement
accounts. " If you give [participants] a
seminar about how to save, that doesn't
necessarily mean they will save and accumulate
more assets or financial security, "
she notes.
Financial Literacy/Wellness Programs
78.2% of
survey
respondents
have taken
advantage
of financial
literacy/
wellness
programs
offered by
their employer
Of those who have taken advantage of the programs:
Still, a financial wellness program
could achieve more than raising wages
would, says Jay Schmitt, a principal in
Strategic Benefits Advisors. " If you just
increase [employees'] salaries so they can
pay off student loans or pay for medical
insurance, what are the chances that
money will go to the right place without
good financial acumen or a plan or
budget? " Schmitt says.
Utilization is often the measure of a
wellness program's success. But, he says,
has a program directly eased its users'
financial stress? That is a different question,
he says. -Judy Faust Hartnett
78.2%
48.7%
33.3%
18.9%
Employees Who Participated in Financial Literacy/Wellness Programs ...
Accessed the digital/
Attended
online content
training seminars
... By Age Group
18 - 22
23 - 29
30 - 39
40 - 49
50 - 59
60 - 69
70 or older
16.2%
16.2%
23.6%
27.8%
13.9%
2.0%
0.3%
... By Income
<$25,000
$25,000 - $49,999
$50,000 - $74,999
$75,000 - $99,999
$100,000 - $149,999
$150,000 - $199,999
>$200,000
5.1%
20.2%
19.3%
17.3%
20.5%
10.8%
-
Source: 2022 PLANSPONSOR Participant Survey
6.8%
Received
one-on-one guidance
... By Their Perception of the
Programs' Helpfulness With
Improving Financial Situations
And Reducing Financial Stress
Extremely helpful
Very helpful
Somewhat helpful
Slightly helpful
Not at all helpful
40.3%
38.3%
17.6%
2.6%
1.2%
4 PLANSPONSOR.COM May - June 2023

http://www.PLANSPONSOR.COM

PLANSPONSOR - May - June 2023

Table of Contents for the Digital Edition of PLANSPONSOR - May - June 2023

INSIGHTS
PARTICIPANT ANALYSIS
RULES & REGULATIONS
UPFRONT
Role Call
A New Breed Of TDFs
2023 Plan Sponsor Of The Year Finalists
2023 HSA Conference
A Personalized Approach
The New Wave
FIDUCIARY FORUM
INSIDE ANGLE
PLAN PROFILE
PLANSPONSOR - May - June 2023 - Cover1
PLANSPONSOR - May - June 2023 - Cover2
PLANSPONSOR - May - June 2023 - 1
PLANSPONSOR - May - June 2023 - INSIGHTS
PLANSPONSOR - May - June 2023 - 3
PLANSPONSOR - May - June 2023 - PARTICIPANT ANALYSIS
PLANSPONSOR - May - June 2023 - 5
PLANSPONSOR - May - June 2023 - RULES & REGULATIONS
PLANSPONSOR - May - June 2023 - 7
PLANSPONSOR - May - June 2023 - UPFRONT
PLANSPONSOR - May - June 2023 - 9
PLANSPONSOR - May - June 2023 - 10
PLANSPONSOR - May - June 2023 - 11
PLANSPONSOR - May - June 2023 - 12
PLANSPONSOR - May - June 2023 - 13
PLANSPONSOR - May - June 2023 - Role Call
PLANSPONSOR - May - June 2023 - 15
PLANSPONSOR - May - June 2023 - 16
PLANSPONSOR - May - June 2023 - 17
PLANSPONSOR - May - June 2023 - A New Breed Of TDFs
PLANSPONSOR - May - June 2023 - 19
PLANSPONSOR - May - June 2023 - 20
PLANSPONSOR - May - June 2023 - 21
PLANSPONSOR - May - June 2023 - 2023 Plan Sponsor Of The Year Finalists
PLANSPONSOR - May - June 2023 - 23
PLANSPONSOR - May - June 2023 - 24
PLANSPONSOR - May - June 2023 - 25
PLANSPONSOR - May - June 2023 - 26
PLANSPONSOR - May - June 2023 - 27
PLANSPONSOR - May - June 2023 - 28
PLANSPONSOR - May - June 2023 - 29
PLANSPONSOR - May - June 2023 - 30
PLANSPONSOR - May - June 2023 - 2023 HSA Conference
PLANSPONSOR - May - June 2023 - 32
PLANSPONSOR - May - June 2023 - 33
PLANSPONSOR - May - June 2023 - A Personalized Approach
PLANSPONSOR - May - June 2023 - 35
PLANSPONSOR - May - June 2023 - The New Wave
PLANSPONSOR - May - June 2023 - 37
PLANSPONSOR - May - June 2023 - FIDUCIARY FORUM
PLANSPONSOR - May - June 2023 - INSIDE ANGLE
PLANSPONSOR - May - June 2023 - PLAN PROFILE
PLANSPONSOR - May - June 2023 - Cover3
PLANSPONSOR - May - June 2023 - Cover4
https://www.plansponsordigital.com/plansponsor/march_april_2024
https://www.plansponsordigital.com/plansponsor/january_february_2024
https://www.plansponsordigital.com/plansponsor/november_december_2023
https://www.plansponsordigital.com/plansponsor/september_october_2023
https://www.plansponsordigital.com/plansponsor/july_august_2023
https://www.plansponsordigital.com/plansponsor/may_june_2023
https://www.plansponsordigital.com/plansponsor/march_april_2023
https://www.plansponsordigital.com/plansponsor/december_2022_february_2023
https://www.plansponsordigital.com/plansponsor/october_november_2022
https://www.plansponsordigital.com/plansponsor/august_september_2022
https://www.plansponsordigital.com/plansponsor/june_july_2022
https://www.plansponsordigital.com/plansponsor/excellenceawards_2022
https://www.plansponsordigital.com/plansponsor/april_may_2022
https://www.plansponsordigital.com/plansponsor/february_march_2022
https://www.plansponsordigital.com/plansponsor/december_2021_january_2022
https://www.plansponsordigital.com/plansponsor/october_november_2021
https://www.plansponsordigital.com/plansponsor/august_september_2021
https://www.plansponsordigital.com/plansponsor/june_july_2021
https://www.plansponsordigital.com/plansponsor/april-may_2021
https://www.plansponsordigital.com/plansponsor/february-march_2021
https://www.plansponsordigital.com/plansponsor/december-january_2021
https://www.plansponsordigital.com/plansponsor/october-november_2020
https://www.plansponsordigital.com/plansponsor/august-september_2020
https://www.plansponsordigital.com/plansponsor/june-july_2020
https://www.plansponsordigital.com/plansponsor/april-may_2020
https://www.plansponsordigital.com/plansponsor/february-march_2020
https://www.plansponsordigital.com/plansponsor/december-january_2020
https://www.plansponsordigital.com/plansponsor/october-november_2019
https://www.plansponsordigital.com/plansponsor/august-september_2019
https://www.plansponsordigital.com/plansponsor/june-july_2019
https://www.plansponsordigital.com/plansponsor/april-may_2019
https://www.plansponsordigital.com/plansponsor/february-march_2019
https://www.plansponsordigital.com/plansponsor/december_2018-january_2019
https://www.plansponsordigital.com/plansponsor/october-november_2018
https://www.plansponsordigital.com/plansponsor/august-september_2018
https://www.plansponsordigital.com/plansponsor/june-july_2018
https://www.plansponsordigital.com/plansponsor/april-may_2018
https://www.plansponsordigital.com/plansponsor/february-march_2018
https://www.plansponsordigital.com/plansponsor/december_2017-january_2018
https://www.plansponsordigital.com/plansponsor/november_december_2017
https://www.plansponsordigital.com/plansponsor/october_2017
https://www.plansponsordigital.com/plansponsor/september_2017
https://www.nxtbookmedia.com