SURVEY SAYS: Taboo Subjects at Holiday Gatherings

NewsDash readers shared which topics of discussion are off-limits during their holiday gatherings.

There’s no shortage of polarizing subjects in America and these topics can even divide families. To have peaceful holiday gatherings, certain subjects might be taboo.

Last week, I asked NewsDash readers, “Which subjects are best avoided at your holiday gatherings?” Seventy-four percent of responding readers work in a plan sponsor role, 13% work for/are recordkeepers/TPAs/investment consultants and 13% are advisers/consultants.

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Politics/elections and COVID-19 vaccines were the most selected taboo subjects, at 91% and 53%, respectively. Religion, policing in America and racism were each selected by 22% of responding readers. Nineteen percent chose LGBTQ issues, and 16% chose finances. Dying/end of life decisions and family members’ love lives are taboo subjects at the holidays for 9% of respondents, while work, dietary preferences (for example, being vegetarian) and plans for a family member to get married or have children are off limits for 6%.

“Other” responses included “how children are being disciplined/raised,” “mandates—mask or vaccine,” “abortion,” “selection of Brett Kavanaugh to the Supreme Court,” “Donald Trump,” “anything else you can think of” and “none.”

In verbatim comments, a couple of readers noted how civil, respectful debate seems not as common as it previously was. There were expressions of sadness and grief about the divisions in America affecting families. Editor’s Choice goes to the reader who said: “It’s fine to not talk about politics and vaccine mandates because there are so many far more interesting topics to discuss!”

A big thank you to all who participated in our survey and wishes for a peaceful and joyful holiday season for everyone!

Verbatim

Not everyone is able to avoid bringing these topics up, but thankfully most others bite their tongue when the subject arises.

We are at a point that our politicians have become “snake oil salespeople” and are not being transparent with the American people. Discussing politics with someone who believes the current political propaganda is impossible.

It’s fine to not talk about politics and vaccine mandates because there are so many far more interesting topics to discuss!

Any topic can be a good and productive discussion. However, we live in a world now where nobody can disagree respectfully, and it deteriorates into a knock down/drag out. Soon there will be nothing left to talk about during these gatherings, which is truly a shame.

Sometimes it’s better to stick to common ground and let the other stuff go for the sake of enjoyment.

Holidays are so stressful already, those extra subjects don’t help. I used to love the holidays, now as an adult, it gets harder and harder to just enjoy…

It’s the holidays – give others some grace and just appreciate being able to spend time together.

Most people have strong closely held opinions about these topics. There is no point bringing them up because you aren’t going to change anyone’s mind.

When I say politics… I mean Trump.

On one side of the family, nothing is off-limits because we think about the same on all issues, but on the other side just about all of these subjects are off-limits because we are so different in our thinking. It’s amazing how different we are, but we still love each other just as much.

Same as always — avoid religion and politics.

All people, conversations, opinions, feelings are welcome at our table. Some of our most interesting – and productive – discussions are typically considered taboo.

Thank goodness my house has doors so I can go outside and get away from it for a bit!

The anti-vax Trump supporters in my family (who have little involvement in politics otherwise and really can’t back up any of their arguments – I haven’t heard any of them complain about their polio vaccinations or flu shots they get annually) don’t seem to understand that the rest of us don’t want to talk politics with them, yet they just continue to push the agenda. Why can’t they just keep it to themselves? We don’t push our politics or vaccination stances on them. I am actually thankful COVID has given me reason to avoid all of that rhetoric.

Our society has seemingly forgotten how to debate and discuss different points of view in a civil fashion. If we can’t be open, honest, and above all loving and respectful with family… well, it’s a sad commentary. Get over yourself, people…

For our family its best if everyone just watches football. It limits the conversation and keeps people from arguing (except for which is the best team).

It’s funny – though the pretense of my holiday gatherings is always centered around religious celebration, religion is always the last thing I want to talk about when I go to one.

The position some family members have taken regarding the nature and treatment of the COVID-19 virus, denying its very existence, even after their own adult children have been hospitalized by it and continue to suffer from lingering symptoms, is simply bewildering, and cannot be discussed.

NOTE: Responses reflect the opinions of individual readers and not necessarily the stance of Institutional Shareholder Services (ISS) or its affiliates.

2021’s Hardships Redefine Financial Wellness Goals

With so many Americans having gone through tough times over the past two years, a new study looks at how this has affected their financial well-being and sense of the future.

A new Empower Retirement study seeks to better understand participants’ savings habits and levels of involvement with retirement planning, as well as where they are turning for help after two challenging years.

Empower Retirement’s “Empowering America’s Financial Journey” study analyzed the behavior of about 4 million active defined contribution (DC) participants in corporate retirement plans from for-profit organizations that use Empower Retirement as their recordkeeper. The study evaluated the attitudes, confidence and sentiments related to retirement and financial planning through a separate survey of more than 2,500 Americans.

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On average, Empower finds that participants are saving at recommended levels of 10% to 15%, including both employer and employee contributions. Excluding any employer matches, employees are putting away 8.2% of their salary into workplace retirement plans—a number that’s been trending upward over the past two years. There has been a strong recovery in participants’ contributions to their plans from pandemic lows, with 85% of those eligible contributing.

Three in five workers believe they are saving enough in their 401(k) plans. The study indicates that average worker savings rates are higher now (8.2%) than they were pre-pandemic, in the fourth quarter of 2019 (7.8%).

With the oldest members still only 24 years old, Generation Z accounts for the highest proportion of contributing participants in their defined contribution plans—even higher than working Baby Boomers who are fast-approaching retirement. Millennials have the highest rate (24%) of Roth usage across generations, and, across the board, those making Roth contributions are also saving at a higher rate than people who aren’t (10.2% and 7.9%, respectively).

Although Americans are saving more on average, there are many who still face challenges meeting their retirement needs. Troubles making ends meet and paying back debt, the most-cited challenges workers face, mean that 36% of workers say they aren’t saving enough. Managing finances is especially challenging for those making less than $60,000, with 45% of those in that group saying they are not contributing enough to their 401(k) plans and 61% saying that making ends meet is limiting their ability to save. Participants with incomes greater than $120,000 have saving rates that are significantly higher than those with incomes of less than $60,000.

Empower also looked at participants’ engagement rate, measured by interactions with Empower’s customer care center or with an Empower adviser, website or mobile app—seen as an important part of the user experience—over the past 12 months. Here, the study suggests that 67% of participants were actively engaged with their retirement and financial planning, up from 65% a year ago. Participants who engage with their retirement plan in this way save more than those who aren’t engaged (9.2% compared with 5.7%). This difference is seen across all income segments but is more significant for those making less than $60,000 a year.

More than half (52%) of those surveyed said they used tools and information from their 401(k) provider’s website to make financial and retirement decisions. The study shows that as web interactions rise, so do saving rates. Plans without automatic enrollment have the highest engagement rates, likely driven by the fact that enrollment requires engagement, but these plans have a smaller proportion of contributing participants. Participants automatically enrolled into a plan that also offers auto-escalation features have the second-highest engagement rates.

According to the study, less than half of those surveyed (48%) say they are comfortable making investment decisions. Millennials were the most comfortable at 56%, followed by Gen X members at 48%, Baby Boomers at 42% and Gen Z members at 39%. Empower says the complexities associated with planning as people get closer to retirement may play a role in these attitudes, as only one in three Baby Boomers say they have a high level of investment knowledge.

Recent research shows that people of all ages are seeking more help with financial wellness and retirement savings and planning, and many are interested in financial wellness help from financial advisers. Empower says the top reasons across generations that people seek advice for the first time are for retirement (67%), paying off debt (35%) and building an emergency fund (28%). The top three reasons people seek financial advice or educational information include saving for retirement (51%), overall financial planning (42%) and choosing which funds to invest in and how much to invest (38%).

The percentage of participants using web guidance interactions or “help me do it” interactions is higher for younger participants and almost doubles between the ages of 20 and 25. Usage then flattens out until participants are close to age 60 and drops by age 70.

The full study, “Empowering America’s Financial Journey,” is available here.

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