Financial wellness trends

The one page data sheet helps plan advisors build a case for a financial wellness program

Transcript

1. Financial Wellness Trends 
 According to the PricewaterhouseCoopers Employee Financial Wellness Survey 2015: 1 o 30% of employees say their employer offers services to assist them with their personal finances (34% in both 2014 and 2013) and half (49%) say they’ve used the services (52% in 2014 and 49% in 2013). According to the Bank of America Merrill Lynch 2015 Workplace Benefits Report: 2 o 83% of all employers, and 97% of large employers, say they feel at least somewhat responsible for the financial wellness of their employees. More than half (51%) think employees are seriously interested in taking steps to improve their financial wellness. o 69% of large companies indicated they have financial wellness strategies in place today or plan to have them in the next two years. o 73% of all employers surveyed said that financial wellness programs will be standard elements of benefits packages in 10 years. o Most employers surveyed believe improving employees’ financial wellness meaningfully and measurably improves their company’s bottom line. According to the Aon Hewitt 2015 Hot Topics in Retirement report: 3 o 93% of companies are very or moderately likely to create or broaden their efforts on financial wellness topics in a manner that extends beyond retirement decisions. o 62% of all respondents indicated that they have a financial wellness strategy, with a majority of plan sponsors having separate financial wellness and physical well-being approaches. One-quarter of all employers include financial wellness as a pillar of a broader wellness program that includes physical health. According to the Virgin Pulse 2015 Business of Healthy Employees survey: 4 o 78% of employers say they’re expanding their well-being programs into areas like financial wellness and mental health. o More than 80% of employees feel positive about their work culture thanks to well-being programs. Employee Financial Wellness Survey 2015, PricewaterhouseCoopers; April 2015: http://www.pwc.com/en_US/us/private- 1 company-services/publications/assets/pwc-employee-financial-wellness-survey-2015.pdf 2015 Workplace Benefits Report, Bank of America Merrill Lynch; April 2015: http://www.benefitplans.baml.com/publish/ 2 content/application/pdf/GWMOL/WBR_Brochure_041315_lowres_IR-ARCC3T6K.pdf 2015 Hot Topics in Retirement report, Aon Hewitt: http://www.aon.com/attachments/human-capital-consulting/hot-topics- 3 retirement-2015.pdf The Business of Healthy Employees: A Survey of Workplace Health Priorities, Virgin Pulse; June 2015. 4 www.RetiremapHQ.com