06 Aug Voya survey
A recent Voya survey found that Americans ranked employers as the third most trusted source of COVID-19 related information (56%), just behind scientists and local health officials. Trust in employers is not new and is a key reason why workplace retirement plans have been so successful in helping people save for retirement. Employers & plan sponsors act as fiduciaries in providing retirement plans and investment choices that are in the best interest of their employees, and provide education to help their employees save wisely. According to the Transamerica Center for Retirement Studies® 20th Annual Survey of Workers (May 2020), workers who are offered a 401(k) or similar retirement plan by their employer are more likely to save and invest for retirement in the plan and/or outside of work (88%) compared with those who do not have access to such plans (51%). Employers are again stepping up to the plate by increasingly providing financial wellness programs that help employees manage their short-term finances in addition to saving for retirement. The result – employees who are less stressed, more productive & more prepared to weather financial shocks as job loss & the pandemic, while largely staying on track in their retirement savings. #retirementplans #employers #financialwellness.
No Comments