Last week, ahead of the 2021 NAPA 401(k) Summit, we posed a series of questions related to the state of financial wellness. Readers weighed in with what you thought—this week we provide the answers.
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 wellbeing. The growth of financial wellness programs in the workplace also means that expectations have shifted.
Last Tuesday, one of the sessions at the 2021 NAPA 401(k) Summit, “‘Sick’ Sense: The Pandemic Brings the Topic of Financial Well-Being into Sharper Focus; Harnessing the Opportunities,” spoke to those issues—in a session specifically designed to help advisors identify and harness the opportunities associated with the expansion of financial wellness programs and trending solutions. (Our news post about the session is here.)
Part of framing the issue(s), the challenges, and the opportunities ahead was a level set on the perspectives of employees and employers on the subject. What NAPA-Net Readers thought the answers were last week—and the “right” answers from surveys of employees and employers—follows:
Pre-pandemic, what % of employees thought their financial situation warranted professional advice to address 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%.
Now that we are post/mid-pandemic, what % of employees think their financial situation warrants professional advice to address 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%.
Having financial difficulties as a result of the pandemic is top of mind for how many?
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 feel they will need to delay retirement due to impacts 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 individuals worry about not having enough emergency savings?
57% - 44% thought this was the answer.
41% - 28% thought this was the answer.
34% - 16% thought this was the answer.
23% - 12% thought this as the answer.
The correct answer is 57%.
Rank the top 4 retirement planning priorities, with 1 being the highest:
45% thought the top priority was “defining appropriate retirement savings goal”
29% thought the top priority was “receiving advice on how to invest”
21% thought the top priority was “create retirement income strategy”
5% thought it was anticipating/managing taxes in retirement
The top-cited response was “receiving advice on how to invest.”
Rank the top obstacles individuals face saving for retirement, with 1 being the highest:
55% thought the top obstacle was “keeping up with monthly expenses”
27% thought the top obstacle was “unexpected expenses”
13% thought the top obstacle was “credit card debt”
3% thought the top obstacle was “market volatility”
2% thought the top obstacle was “education expenses”
The top-cited response was “keeping up with monthly expenses.”
What percentage of employees feel it’s important for employers to offer financial wellness programs?
86% - 40% thought this was the right answer.
42% - 39% thought this was the right answer.
14% - 20% thought this was the right answer.
The correct answer is 86%.
What percentage of employees want their workplace to provide more resources to help them with their overall financial wellbeing?
75% - 43% thought that was the right answer.
53% - 32% thought this was the right answer.
40% - 15% thought this was the right answer.
15% - 10% thought this was the right answer.
The correct answer is 75%.
What percentage of employers feel responsibility for their employees' financial wellness?
33% - 54% thought that was the right answer.
62% - 27% thought this was the right answer.
13% - 12% thought this was the right answer.
83% - 7% thought this was the right answer.
The correct answer is 62%.
What percentage of employers are promoting workplace wellness with established diversity and inclusion programs?
25% - 34% thought this was the right answer.
12% - 27% thought this was the right answer.
36% - 22% thought this was the right answer.
47% - 18% thought this was the right answer.
The correct answer is 47%.
Thanks to everyone who participated in the weekly NAPA-Net Reader Radar Poll—and those who were able to be with us at the 2021 NAPA 401(k) Summit!
