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EMPLOYERS CAN OFFER A PATH TOWARD FINANCIAL WELLNESS, BUT WILL EMPLOYEES TAKE
IT?

IN A NEW TIAA SURVEY, THE PANDEMIC HAS MADE AMERICANS MORE AWARE OF THEIR
FINANCIAL WELLNESS -- AND IT'S NOT GOOD.

By Joel Kranc and BenefitsPRO editors | Januar 11, 2022 at 12:36 PM

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(Photo: Shutterstock)

When it comes to financial wellness and employees’ confidence in their own
ability to manage finances and retirement, employers can play a large role in
that process.

In fact, there’s a growing sense in the U.S. that employers not only can, but
should play a part in encouraging employee financial wellness. That’s one
finding suggested by the 2022 TIAA Financial Wellness Survey, which interviewed
3,008 Americans last fall. The pandemic has further highlighted a need for
financial wellness programs among employers as 51% of all Americans are now more
aware of their overall financial wellness.  But according to the survey, only
22% of Americans rate their financial wellness as high – either nine or 10 out
of 10. The younger Gen Z category had the lowest score with only 12% of those
surveyed rating their financial wellness as a nine or 10.






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And while seven in 10 Americans have a budget, only 25% follow it. Only 38% have
a written financial plan and 78% say they have an emergency fund but less than
half of those say they can cover six months of expenses.

Where there are financial wellness programs, there are results. For example,
when given an additional $200 per month, non-retired Americans would put an
average of 60% of that into retirement savings. This number goes up to 71% for
people who rate their financial wellness as higher versus 45% of those with low
financial wellness.





However, employers have work to do to get employees to engage with the programs
that are offered. Usage of offered programs, according to the survey, was about
50%.

“It’s hard for employees to focus on their retirement when there are more
immediate pressing needs,” said Snezana Zlatar, senior managing director and
head of financial wellness advice and innovation at TIAA. “The most impactful
financial wellness programs help address both short-term and long-term goals
since they are linked together.”

According to the survey, employees who are part of employee-sponsored programs
on retirement, debt management, budgeting and more are twice as likely as other
employees to have high financial wellness scores with 32% versus 15% either not
offered any benefits or offered but did not participate.





“People who have taken part in an employer financial wellness program can see a
considerable difference, indicating that it truly makes sense for employers to
redouble their activities on this front,” said Zlatar.

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