Retirement Times – June 2023

From recent college grads struggling with student debt to seasoned professionals planning an imminent retirement, participants’ financial needs and goals are as diverse as the workforce they’re part of. In response, many organizations have chosen to implement a multifaceted financial wellness offering.

According to the 2022 PLANSPONSOR Recordkeeping Survey, four in 10 recordkeepers have an integrated financial wellness offering that addresses a wide range of issues. These include: saving strategies (77%), budgeting tools (64%), financial markets and investing basics (69%), credit/debt management (35%), student loan management (27%), home buying (21%), college savings (37%), tax/estate planning (39%), retirement health care costs (46%), Social Security strategies (35%), rolling in past balances (54%), and rollover options (49%).

But for many plans, a significant challenge remains — namely how to ensure participants connect with the resources that most closely align with their individual needs. And this points to the potential utility of prescriptive delivery strategies.