Data and Research April 11, 2018

One-Third of Americans Say They Lack Tools and Resources to Save for Retirement

In addition, a survey found, most do not know what they need to save for a comfortable retirement.

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Only 11% of Americans say they have excellent financial health, a survey by Morning Consult found. Another 32% said good, 32% said fair, 14% said poor, and 7% said bad.

While 49% of Americans are saving for retirement, only 16% are very confident that they will have enough saved for retirement. Another 29% are somewhat confident, 23% are not too confident, and 21% are not confident at all.

Only 49% said they have sufficient tools or resources to save for retirement; 33% said they are lacking such tools and resources.

Sixty percent do not know how much money they need to save to retire comfortably. This is particularly high among Gen Z (69%), Millennials (64%) and Gen X (66%). Only Baby Boomers fall below the national average (54%).

Asked whether they have funds set aside for various scenarios, 44% each said they do not have enough saved in the event of unemployment, in the event of a health emergency or should they want to take a vacation.

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Seventy-one percent of Americans know their credit score. Among Boomers, this jumps to 80%, and among Millennials, it falls to 67%. Asked how often they check their credit score, 15% said never, 10% said once a year or less, 9% said once a year, 22% said a few times a year, 27% monthly, 9% weekly, and 3% daily.

Morning Consult’s findings are based on a survey of 2,021 adults conducted between March 30 and April 1 of this year.

Products April 11, 2018

EY Launches Hybrid Financial Wellness Service

EY Navigate supports users as they manage the twists and turns of their financial life journeys, breaking down complex tasks, such as retirement planning and debt management, into bite-sized activities, and also offers personal planning with EY professionals.

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Ernst & Young LLP (EY) has launched EY Navigate, a hybrid digital/human financial wellness service powered by EY professionals.

 

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EY Navigate supports users as they manage the twists and turns of their financial life journeys, breaking down complex tasks, such as retirement planning and debt management, into bite-sized activities. EY also helps users develop a personalized action plan based on their unique situations.

 

“This latest offering is one of many new digital platforms demonstrating EY’s commitment to offering exceptional and innovative services to meet client needs,” says Kate Barton, EY Americas vice chair, Tax Services and EY global vice ehair elect, Tax Services. “In creating this new financial wellness platform, we designed a hybrid human/digital approach that engages all users in the way that feels most comfortable to them.”

 

EY Navigate helps users make progress on the financial goals that matter most to them. The service is accessible via secure website and mobile app, as well as by phone. Experienced EY financial planners offer personalized, objective financial guidance on saving, spending, investing, and tax planning. Over time, users are guided toward healthier financial habits and long-term, comprehensive financial wellness.

 

“Our clients’ employee populations span generations and cover an array of individual preferences,” says Lynn Pettus, national director of Employee Financial Services, Ernst & Young LLP. “Some want personalized attention working one-on-one with a financial planner while others want a more independent approach by utilizing digital tools. Depending on a person’s financial stressors or other challenges, they may be more willing to start with self-help technology and shift toward working with a certified financial planner as they gain confidence and control of their financial situation.”

 

For employers, when employees are experiencing financial stress it can have a trickle-down effect on organizational success and employee effectiveness. Because of that impact, leading employers are increasingly offering comprehensive financial wellness services at low or no cost to employees.

 

Ernst & Young recently partnered with MetLife to drive the creation and delivery of a workplace financial wellness solution—PlanSmart Financial Wellness.

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