Benefits October 26, 2011

Americans Should Spend More Time on Long-Term Financial Plans

October 26, 2011 (PLANSPONSOR.com) – According to a global report from HSBC, many Americans risk facing a cash-strapped retirement as they fail to commit enough time to discussing their long-term financial goals with a qualified financial adviser. 
 
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The report, The Future of Retirement: The power of planning, indicates four in 10 (38%) U.S. respondents surveyed said they would prefer to spend just half an hour seeking professional financial advice on their immediate rather than future needs. The research shows that most people aren’t interested in extended meetings with their financial adviser: only around one in 10 (13%) prefer longer meetings and just 17% would like more than one appointment to review their goals and financial plan.

Over a quarter (29%) of people in the U.S. turn to official Web sites when looking for information on financial products, possibly because this can be done in their own time. Younger groups in America are most likely to cite lack of time as a reason for not having a financial plan, with 12% of those in their 30s saying they don’t have time to seek advice.

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HSBC said it has found firm evidence in the survey of a ‘planning premium’ among respondents. Americans who have a financial plan have 2.2 times more than the U.S. average in their pension pot, while non-planners have less than half (41%).

Those Americans with plans have accumulated on average $127,000 in their savings and investments for retirement, compared to the average U.S. household of $56,000. Non-planners have around $23,000. In addition to the financial premium, those who plan enjoy an emotional premium too, being more likely to associate retirement with freedom, excitement, and hope. Almost half (44%) of non-planners link retirement to financial hardship, while this is a concern for less than quarter of planners (19%).

For further information on this and previous reports, visit www.hsbc.com/futureofretirement. 

Benefits October 26, 2011

Canadian Employers Recognize Importance of Wellness Efforts

October 26, 2011 (PLANSPONSOR.com) - The 2011 Buffett National Wellness Survey results show 97% of Canadian employers who offer wellness programs recognize that employee health influences overall corporate performance.
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While 72% of surveyed organizations indicate offering some sort of wellness initiatives to employees, only 34% of those respondents indicate they are taking a strategic approach to wellness.   

Organizations continue to embrace workplace wellness despite economic conditions (65%), with many (43%) looking to increase health and wellness activities in the next six months. According to a press release, financial measurement and return-on-investment are identified as being important, yet 64% of surveyed organizations that offer wellness initiatives do not evaluate results, and 69% do not calculate return-on-investment.   

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Employers identified the key barriers to offering workplace wellness programs as lack of budget (51%), lack of staffing (36%), and lack of ability to quantify results (36%). Only 10% of organizations indicate that they always offer incentives to encourage participation in wellness efforts, and 52% of organizations offer incentives at least some of the time.   

Canadian employers identified the top health risks facing employees in their organizations as: 

  • Work-related stress is (56% of respondents); 
  • Smoking (35%); 
  • Mental health issues (35%); and 
  • High blood pressure (35%).  

The 2011 Buffett National Wellness Survey was conducted over the spring and summer of 2011. A national sample of 677 Canadian employers participated in the online survey. Respondents represented public, private, and not-for-profit organizations ranging in size from less than 100 employees to those with more than 2,500 employees.

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