The value of employer wellbeing benefit programs continues to be a focus year after year, amplified more so by the impact the pandemic has had on everyday life. Despite the investments employers have made in expanding their benefit programs, employees continue to struggle as less than half feel positive about their overall wellbeing.1
Unfortunately, there is not always a clear path forward. With family, career, school, and other pressing obligations vying for people’s attention, health and saving for retirement is often last on their list. And, even for those employees that are saving, making the right benefit decisions and spreading their hard-earned dollars across health and financial priorities is a struggle. This can lead to downstream health and productivity losses, which greatly impact an organization’s bottom line.
One financial wellbeing benefit that can help is managed accounts - offering employees access to a trusted financial expert, personalized investment recommendations, and guide them toward improved retirement outcomes.
Looking to employers for help with financial decisions
Workers are now looking to their employers for help with making better financial decisions to reach their goals, such as providing trusted and reliable resources during times of economic uncertainty or market volatility. Financial wellbeing is unique to each individual and solutions like managed accounts, online advice and one-on-one financial counseling have become common, with roughly 60 percent of employers offering these services.2 Additionally, more than half of employers believe the importance of financial wellbeing programs has increased at their organization over the past two years, and 79 percent believe they should provide a tool to help workers save for retirement and long-term needs.3
Each person’s financial situation is different, and ideally retirement plans should have the flexibility to be tailored to provide better outcomes. Employees need a trusted resource, an expert in health and wealth who promotes total wellbeing, whose interest aligns with theirs.