09 Jan Financial wellness: Here’s what employees want, need in 2017

Great article from our partner, United Benefit Advisors (UBA) by

Recent research into individuals’ financial resolutions for 2017 can tell you whether your financial wellness initiatives are giving employees what they want. It can also tell you whether to expect employees to increase their retirement contributions next year. 

Personal finance company LendEDU recently asked 1,001 Americans about their financial goals for 2017, as well as what their biggest concerns are. The results were published in LendEDU’s “Financial Resolution Survey & Report 2017,” which can help employers determine if their financial programs are on point.

Here are some of the more interesting Q&A’s from the research:

What’s your most important financial resolution in 2017?

• Save more money — 52.85% of respondents selected this
• Pay off debt — 35.56%
• Spend less money — 11.59%

Takeaway for employers: Improving savings should be front and center in any financial wellness strategy.

What’s your top financial resolution?

• Make and stick to a budget — 21.38%
• Save for a large purchase like a down payment, household upgrade, or car, etc. — 19.28%
• Pay down credit card debt — 18.88%
• Place money aside for an emergency — 16.58%
• Save for retirement — 13.69%
• Pay down student loan debt — 7.29%
• Save for college — 2.90%

Takeaway for employers: Employees need the most help creating a budget they can stick to.

What’s your top financial concern?

• Unexpected expenses — 53.25%
• Healthcare costs — 23.98%
• Higher interest rates — 9.69%
• The labor market — 7.79%
• Stock market fluctuations — 5.29%

Takeaway for employers: Helping employees manage healthcare costs can be a key add-on to any financial education program.

Do you think you’re better off financially in 2017 than in 2016?

• Yes — 78.32%
• No — 21.68%

Takeaway for employers: Employees’ financial state of mind is on the upswing, which is good. But it could make increasing participation in wellness initiatives more challenging.

Do you make financial resolutions with your spouse or significant other?

• Yes — 84.83%
• No — 15.17%

Takeaway for employers: When it comes to finances, very few people go it alone, so invite spouses to be a part of your wellness offerings.

What would make you stick to a financial resolution?

• Having a reward for reaching the goal — 37.56%
• Segmenting a longer term goal into smaller bit sized pieces — 20.08%
• Technology that helps you save money or monitor goals in real-time — 19.38%
• The encouragement of family and friends — 13.99%
• Having a consequence for not reaching the goal — 8.99%

Takeaway for employers: Incremental rewards and incentives, can help drive participation and success in 2017 financial wellness initiatives.

Do you think you’ll increase your retirement savings contributions this year?

• Yes — 63.24%
• No — 36.76%

Takeaway for employers: This could be a good year to really push employees to bump up retirement plan contributions.

See the original article Here.

Source:

Author (Date). Title [Web blog post]. Retrieved from address https://www.hrmorning.com/financial-wellness-heres-what-employees-want-need-in-2017/