Financial wellness has taken on a new urgency over the past year as we have witnessed a series of once-in-a-lifetime events that affect how we work and save for retirement. In response, many plan sponsors have adopted new and important tools to strengthen the financial well-being of their participants.
Plan sponsors’ promised commitment to financial wellness is reflected in recent survey data. This year’s Defined Contribution Survey published by Callan found that seven in 10 employers with defined contribution plans offer financial wellness support, and 89% responded that they provided a financial wellness program as part of their internal philosophy to support their employees. Callan’s survey also reported that 14% of employers have a standalone financial wellness program and 36% plan to create one in order to address plan participants’ top financial needs: retirement savings, emergency savings, and debt management.
