Survey Says… What’s Your Take on Financial Wellness Programs?
A recent comprehensive TIAA survey of financial wellness plan participant perceptions may be helpful to plan sponsors who have, or are considering implementing, a wellness plan for their employees.
Employees’ definition of financial wellness varies considerably: “having the means to take care of your family and others” (53%), “not worrying about money or debts” (51%), and “feeling protected financially from life’s unexpected events” (51%), well ahead of retirement financial security (36%). Also, they rank the “ability to pay monthly bills without difficulty” (38%) and “having a reliable source of income” (38%) ahead of being on track with retirement savings (16%) when asked about their current priorities for securing financial wellness.
