Much has been changed by the experience of the past 18 months—but how (have) priorities about financial wellness been altered by our experience(s) during the COVID-19 pandemic? This week, NAPA-Net readers weighed in…
The pandemic cast a light on financial wellness as an essential workplace benefit, and a growing majority of employers feel extreme responsibility for their employees’ financial well-being. The growth of financial wellness programs in the workplace also means that expectations have shifted.
On Tuesday, one of the sessions at the 2021 NAPA 401(k) Summit, “‘Sick’ Sense: The Pandemic Brings the Topic of Financial Well-Being into Sharper Focus; Harnessing the Opportunities,” will speak to those issues—in a session specifically designed to help advisors identify and harness the opportunities associated with the expansion of financial wellness programs and trending solutions.
So, what did readers think was the current state of things? Well, here’s what you told us:
Pre-pandemic, what % of employees thought their financial situation warranted professional advice to address their financial challenges?
33% - 43% thought this was the number.
10% - 24% thought this was the number.
50% - 21% thought this was the number.
61% - 12% thought this was the number.
Now that we are post/mid-pandemic, what % of employees think their financial situation warrants professional advice to address their financial challenges?
61% - 46% thought this was the answer.
50% - 25% thought this was the answer.
33% - 18% thought this was the answer.
10% = 11% thought this was the answer.
Having financial difficulties as a result of the pandemic is top of mind for how many?
27% - 31% thought this was the answer.
64% - 25% thought this was the answer.
45% - 24% thought this was the answer.
51% - 20% thought this was the answer.
How many employees feel they will need to delay retirement due to impacts of the pandemic?
23% - 32% thought this was the answer.
32% - 26% thought this was the answer.
15% - 24% thought this was the answer.
8% - 18% thought this was the answer.
What percentage of individuals worry about not having enough emergency savings?
57% - 44% thought this was the answer.
41% - 28% thought this was the answer.
34% - 16% thought this was the answer.
23% - 12% thought this as the answer.
Rank the Top 4 retirement planning priorities, with 1 being the highest:
45% thought the top priority was “defining appropriate retirement savings goal”
29% thought the top priority was “receiving advice on how to invest”
21% thought the top priority was “create retirement income strategy”
5% thought it was anticipating/managing taxes in retirement
Rank the top obstacles individuals face saving for retirement, with 1 being the highest:
55% thought the top obstacle was “keeping up with monthly expenses”
27% thought the top obstacle was “unexpected expenses”
13% thought the top obstacle was “credit card debt”
3% thought the top obstacle was “market volatility”
2% thought the top obstacle was “education expenses”
What percentage of employees feel it’s important for employers to offer financial wellness programs?
86% - 40% thought this was the right answer.
42% - 39% thought this was the right answer.
14% - 20% thought this was the right answer.
What percentage of employees want their workplace to provide more resources to help them with their overall financial wellbeing?
75% - 43% thought that was the right answer.
53% - 32% thought this was the right answer.
40% - 15% thought this was the right answer.
15% - 10% thought this was the right answer.
What percentage of employers feel responsibility for their employees' financial wellness?
33% - 54% thought that was the right answer.
62% - 27% thought this was the right answer.
13% - 12% thought this was the right answer.
83% - 7% thought this was the right answer.
What percentage of employers are promoting workplace wellness with established diversity and inclusion programs?
25% - 34% thought this was the right answer.
12% - 27% thought this was the right answer.
36% - 22% thought this was the right answer.
47% - 18% thought this was the right answer.
The Answers?
So—as noted earlier, for a change there actually are “right” answers—and as you can see from the foregoing, there’s a wide variety as to what readers thought.
But to find out the “right” right answers—well, those who show up for Workshop #18 on Tuesday morning at the NAPA 401(k) Summit will find out!
The rest? Well, we’ll fill you in next week!
Thanks to everyone who participated in the weekly NAPA-Net Reader Radar Poll! Looking forward to seeing many of you at the NAPA 401(k) Summit!
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