Current trends — addressing the needs of senior workers
According to Alight’s 2022 Mindset Study, 42% of U.S. employees believe it’s impossible to save enough for retirement because their current pay only covers near-term expenses. For employers, this presents an opportunity to rethink their approach to retirement and long-term financial planning benefits for their workforce. If a country doesn’t have strong retiree healthcare or social security programs, how can companies provide an offering to fill that gap?
In retirement planning, an early start is key. Companies have a definite role to play in ensuring their employees make smart choices at every life stage. For someone approaching retirement without sufficient savings, for example, the options become more and more limited the closer they get to retirement age. Thus, there is value in providing customized financial counseling and planning resources to this employee segment.
For Alight’s financial wellness clients, we conduct a rigorous assessment for every employee to recommend the customized, targeted steps they need to take to reach their retirement goal. We help our clients play an active role in their employees’ financial health with regular, targeted, custom communications delivered by our platform to encourage employees to save regularly and engage with the financial counseling and resources available to them.