Charting a Path Through Uncertainty: Maintaining a Sense of Financial Wellness
Today’s workforce is facing many financial challenges and now is a critical time for organizations to provide financial wellness guidance.
According to various surveys, 78% of Americans were already living check to check, workers were reducing 401k contributions and personal savings prior to this crisis and over half said they would likely have to tap their retirement plans prior to retirement – and now through the CARES Act, it is even easier to access those dollars today.
As financial anxiety intensifies because of current health and economic crisis we will see, associated costs grow for employers. Recent research found that employee financial stress translated into nearly $250b in higher healthcare costs, lower productivity and lost wages every year.
A recent Towers Watson survey found that the areas where 80% of employers are focusing first are on the low-hanging fruit – better promoting their existing resources, that being service from their providers and advisors.
At MassMutual, we think in terms of short term and long term goals. What do individuals need to consider in the short term that will enable them to keep the long term goals in check. By offering a full suite of Financial Wellness Solutions including Health Savings Accounts, Student Loan Debt Repayment, Emergency Savings and Production; we can meet participants where they are and guide them to creating a financial wellness game plan for what’s now and what’s next.
In this webinar, you will learn:
- How to approach financial wellness in a time of uncertainty
- Ways to help participants with short- and long-term game plans
- Your role and why this is a critical time for you to provide financial wellness guidance