SURVEY SAYS

SURVEY SAYS: Feeling Financially Well

Defined contribution plan sponsors offering overall financial wellness to employees is a growing trend these days.

By Rebecca Moore | February 06, 2017
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Last week, I asked NewsDash readers, “Do YOU feel financially well? What kind of financial wellness help could you use, and does your company offer overall financial wellness education/tools for employees?”

The majority of responding readers (65.4%) work in a plan sponsor role, 15.4% are advisers/consultants, 15.4% are TPAs/recordkeepers/investment managers, and 3.8% are attorneys.

Asked if they feel financially well, more than half (51.8%) of readers said yes, 29.6% chose “somewhat” and 18.5% said no.

Preparing for spending in retirement (57.7%) was the top-picked financial wellness help readers said they could use. This was followed by saving for health care (38.5%) and establishing an estate plan (34.6%).

“Maximizing benefits choices” was selected by 19.2% of responding readers, and “paying off debt,” “saving for children’s college education” and “establishing emergency savings” were each selected by 15.4% of readers. More than one in 10 (11.5%) would like help establishing a budget, and 7.7% would like help establishing a plan for ongoing savings.

“Other” responses included “How to withdraw retirement funds to maximize tax efficiency. (when and how much to pull from pre-tax vs. Roth, etc.)” and “Paying off my children's student loans since we did not (could not) save for their education as they were growing up.”

Sixty-three percent of readers indicated their firms offer financial wellness education/tools, and 37% reported their firms do not.

In verbatim comments, readers touted the provision of financial wellness education and tools for employees and weighed in on what they’ve seen as most helpful. One reader warned of thinking about how long retirement will be and what inflation will do before getting a false sense of financial wellness. Editor’s Choice goes to the reader who said, “I really wish more people would tackle their finances head on. If they only knew how beneficial it would be to make sacrifices and wise decisions now! Get rid of that debt and save, save, save!” 

A big thank you to all who participated in our survey!

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