NAPA Net - Polling Places 091021

Financial Wellness Priorities Following a Year of the Pandemic

Much has been changed by the experience of the past 18 months – but how (have) priorities about financial wellness been altered by our experience(s) during the COVID-19 pandemic?

The pandemic cast a light on financial wellness as an essential workplace benefit, and a growing majority of employers feel extreme responsibility for their employees’ financial well-being. The growth of financial wellness programs in the workplace also means that expectations have shifted.

A week from today, one of the sessions at the 2021 NAPA 401(k) Summit, titled ““Sick” Sense: The Pandemic Brings the Topic of Financial Well-Being into Sharper Focus; Harnessing the Opportunities” will speak to those issues – specifically designed to help advisors identify and harness the opportunities associated with the expansion of financial wellness programs and trending solutions.

Whether you’ll be able to be with us in Las Vegas next week or not – take a couple of minutes to give us your sense of the current landscape. For a change there actually are “right” answers – see if you can match them – and your perspective(s) will add to the discussion.

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* 1. Pre-pandemic, what % of employees thought their financial situation warranted professional advice to address their financial challenges?

10%

33%

50%

61%

Any comments on that?

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* 2. Now that we are Post / Mid-pandemic, what % of employees think their financial situation warrants professional advice to address their financial challenges?

10%

33%

50%

61%

Any comments on that?

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* 3. Having financial difficulties as a result of the pandemic is top of mind for how many?

27%

45%

51%

64%

Any comments on that?

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* 4. How many employees feel they will need to delay retirement due to impacts of the pandemic?

15%

23%

32%

Any comments on that?

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* 5. What percentage of individuals worry about not having enough emergency savings?

23%

34%

41%

57%

Any comments on that?

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* 6. Rank the Top 4 retirement planning priorities, with 1 being the highest:

	1 (Highest)	2	3	4 (Lowest)
Receiving advice on how to invest	Receiving advice on how to invest 1 (Highest)	Receiving advice on how to invest 2	Receiving advice on how to invest 3	Receiving advice on how to invest 4 (Lowest)	Receiving advice on how to invest
Defining appropriate retirement savings goal	Defining appropriate retirement savings goal 1 (Highest)	Defining appropriate retirement savings goal 2	Defining appropriate retirement savings goal 3	Defining appropriate retirement savings goal 4 (Lowest)	Defining appropriate retirement savings goal
Anticipating / managing taxes in retirement	Anticipating / managing taxes in retirement 1 (Highest)	Anticipating / managing taxes in retirement 2	Anticipating / managing taxes in retirement 3	Anticipating / managing taxes in retirement 4 (Lowest)	Anticipating / managing taxes in retirement
Create retirement income strategy	Create retirement income strategy 1 (Highest)	Create retirement income strategy 2	Create retirement income strategy 3	Create retirement income strategy 4 (Lowest)	Create retirement income strategy

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* 7. Rank the top obstacles individuals face saving for retirement, with 1 being the highest:

	1 (Highest)	2	3	4	5 (Lowest)
Keeping up with monthly expenses	Keeping up with monthly expenses 1 (Highest)	Keeping up with monthly expenses 2	Keeping up with monthly expenses 3	Keeping up with monthly expenses 4	Keeping up with monthly expenses 5 (Lowest)
Unexpected expenses	Unexpected expenses 1 (Highest)	Unexpected expenses 2	Unexpected expenses 3	Unexpected expenses 4	Unexpected expenses 5 (Lowest)
Credit Card Debt	Credit Card Debt 1 (Highest)	Credit Card Debt 2	Credit Card Debt 3	Credit Card Debt 4	Credit Card Debt 5 (Lowest)
Market Volatility	Market Volatility 1 (Highest)	Market Volatility 2	Market Volatility 3	Market Volatility 4	Market Volatility 5 (Lowest)
Education Expenses	Education Expenses 1 (Highest)	Education Expenses 2	Education Expenses 3	Education Expenses 4	Education Expenses 5 (Lowest)

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* 8. What percentage of employees feel it’s important for employers to offer financial wellness programs?

14%

42%

86%

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* 9. What percentage of employees want their workplace to provide more resources to help them with their overall financial wellbeing?

15%

40%

53%

75%

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* 10. What percentage of employers feel responsibility for their employees' financial wellness?

13%

33%

62%

83%

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* 11. What percentage of employers are promoting workplace wellness with established diversity and inclusion programs?

12%

25%

36%

47%

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* 12. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

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* 13. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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* 14. Suggestions for future survey questions? Seriously - what would you like to know about/from your fellow NAPA-Net readers? Or what would you like to be asked?

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* 15. All responses are confidential, of course - but just in case you would like a response - or want me to know you responded - or just want to say hi - here's your chance to do so (don't forget your email)!