Reader Radar: The Current Sense of Financial Wellness Is…

Much has changed through the experience of the last 18 months – but how (have) the priorities for financial wellbeing changed through our experiences during the COVID-19 pandemic? This week the NAPA-Net readers …

The pandemic sheds light on financial wellbeing as a major asset in the workplace, and a growing majority of employers feel extremely responsible for the financial wellbeing of their employees. The growth of financial wellness programs in the workplace also means that expectations have shifted.

On Tuesday, one of the sessions of the NAPA 401 (k) Summit 2021, “’Sick’ Mind: The pandemic brings the issue of financial well-being into focus; Seizing the Opportunities ”will be discussing these topics in a session specifically designed to help advisors identify and capitalize on the opportunities associated with the expansion of financial wellness programs and trending solutions.

So what was the current state of affairs for the readers? Well, that’s what you told us:

Before the pandemic, what percentage of employees felt that their financial situation warranted professional advice to help them cope with their financial challenges?

33% – 43% thought this was the number.

10% – 24% thought this was the number.

50% – 21% thought this was the number.

61% -12% thought this was the number.

What percentage of employees think that their financial situation warrants professional advice in order to cope with their financial challenges?

61% – 46% thought this was the answer.

50% – 25% thought this was the answer.

33% -18% thought this was the answer.

10% = 11% thought this was the answer.

For how many are financial difficulties as a result of the pandemic in the foreground?

27% – 31% thought this was the answer.

64% – 25% thought this was the answer.

45% – 24% thought this was the answer.

51% – 20% thought this was the answer.

How many employees think they will have to postpone retirement due to the effects of the pandemic?

23% – 32% thought this was the answer.

32% – 26% thought this was the answer.

15% – 24% thought this was the answer.

8% – 18% thought this was the answer.

What percentage of people fear not having enough savings for emergencies?

57% – 44% thought this was the answer.

41% – 28% thought this was the answer.

34% – 16% thought this was the answer.

23% -12% thought that was the answer.

Rank the top 4 priorities for retirement planning, with 1 being the highest:

45% considered “defining an adequate retirement target” to be the top priority

29% of the respondents stated that “advice on investment advice” had top priority.

21% said “creating an income strategy for retirement” was a top priority

5% thought they anticipate / manage taxes in retirement

Rank the biggest barriers to saving for retirement, with 1 being the highest:

55% thought the biggest obstacle was “keeping up with monthly spending”

27% thought the biggest obstacle was “unexpected expenses”

13% thought the biggest obstacle was “credit card debt”

3% thought the biggest obstacle was “market volatility”

2% thought the biggest obstacle was “education costs”

What percentage of employees think it is important for employers to offer financial wellness programs?

86% – 40% thought this was the correct answer.

42% – 39% thought this was the correct answer.

14% – 20% thought this was the correct answer.

What percentage of employees would like their workplace to devote more resources to improving their overall financial well-being?

75% – 43% thought that was the correct answer.

53% – 32% thought this was the correct answer.

40% – 15% thought this was the correct answer.

15% -10% thought this was the correct answer.

What percentage of employers feel responsible for the financial health of their employees?

33% – 54% thought that was the correct answer.

62% – 27% thought this was the correct answer.

13% -12% thought this was the correct answer.

83% – 7% thought this was the correct answer.

What percentage of employers promote well-being in the workplace with established diversity and inclusion programs?

25% – 34% thought this was the correct answer.

12% – 27% thought this was the correct answer.

36% – 22% thought this was the correct answer.

47% – 18% thought this was the correct answer.

The answers?

So – as mentioned before, there are actually “right” answers for a change – and as you can see from the above, there is a wide variety of opinions from readers.

But to find out the “right” correct answers – well, those who show up for the NAPA 401 (k) Summit for Workshop # 18 on Tuesday morning will find out!

The rest? Well, we’ll be in touch next week!

Thanks to everyone who participated in the weekly NAPA-Net Reader Radar Poll! I look forward to seeing many of you at the NAPA 401 (k) Summit!

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