READER RADAR: What’s the Reality About Financial Wellness?

Last week, ahead of the 2021 NAPA 401 (k) Summit, we asked a series of questions about the state of financial health. Readers have put your thoughts to the test – this week we deliver the answers.

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.

Last 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, ”spoke on these issues – in a session specifically designed to help advisors identify and seize the opportunities associated with expanding financial wellness programs and trending solutions. (Our news post for the session is here.)

Part of the formulation of the topic (s), the challenges and the opportunities that lie ahead of us was a level that set the perspectives of workers and employers on the issue. What NAPA-Net readers thought of the answers last week – and the “right” answers from surveys of employees and employers – is as follows:

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.

The correct answer is 50%.

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.

The correct answer is 61%.

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.

The correct answer is 64%.

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.

The correct answer is 23%.

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.

The correct answer is 57%.

Rank the 4 top retirement priorities, 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

The most frequently cited response was “Get advice on the investment”.

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”

The most frequently cited answer was “keeping up with monthly spending”.

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.

The correct answer is 86%.

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.

The correct answer is 75%.

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.

The correct answer is 62%.

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 correct answer is 47%.

Thank you to everyone who participated in the weekly NAPA-Net Reader Radar Poll – and to those who were able to attend the NAPA 401 (k) Summit 2021!

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