FINANCIAL WELLNESS
Plan sponsors are keeping all options open in a quest to help participants build emergency savings.
Employers have increased focus on improving employees' financial wellness during the pandemic, but employees say they don't see it.
Fewer employees are feeling financially fit despite an increase in the number of companies offering financial wellness programs.
A proposal to tackle financial illiteracy among retirement plan participants has drawn industry skepticism.
A third of U.K. employers are set to help participants to use retirement savings for other financial needs over the next two years.
The U.S. ranked 16th globally in retirement security, up one spot from last year.
Just over 70% of employers are confident employees will be able to achieve financial security in retirement vs. only 62% of employees.
Almost half of corporate DC plan sponsors in the U.K. do not have a financial wellness strategy in place for plan participants.
Some employers offers student debt repayment assistance as a way to attract and retain employees, but the benefit remains quite rare.
