Data leaves no doubt that employees need help with retirement planning, and employers are looking for answers about how to evolve plan design to support the best interests of participants. The question at the heart of this challenge is how to do that and comply with the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, which passed in December 2022.
Building a strong financial future is always on the minds of employees, but a restless economy also has them worried about their finances today. Employers would be well advised to offer financial wellbeing programs and resources that support a wide range of day-to-day concerns — including assistance with immediate money matters.
How employees see their financial futures
While 91% of employees accept financial responsibility for their retirement, they're concerned about the prospect of retiring with adequate resources.1
3 Barriers to saving for retirement
Nearly two-thirds of employees encounter barriers to saving money for retirement.4 Common deterrents include:
What employees want
Beyond retirement programs, assistance with immediate money matters like guidance on budgeting or learning about investing can boost employees' personal sense of security. They're interested in:
Helping with immediate money matters7
Supporting financial health and retirement readiness can help reduce stress and manage risk. Nearly 9 in 10 employers offer at least one financial wellbeing program or resource to employees. The most popular are: