Gallagher research shows the kinds of financial wellbeing benefits employees prefer.
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Data leaves no doubt that employees need help with retirement planning, and employers are looking for answers about how to evolve plan design to support the best interests of participants. The question at the heart of this challenge is how to do that and comply with the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, which passed in December 2022.

Building a strong financial future is always on the minds of employees, but a restless economy also has them worried about their finances today. Employers would be well advised to offer financial wellbeing programs and resources that support a wide range of day-to-day concerns — including assistance with immediate money matters.

How employees see their financial futures

While 91% of employees accept financial responsibility for their retirement, they're concerned about the prospect of retiring with adequate resources.1

77% are anxious about finances, 41% wonder if savings is sufficient, 33% they don’t save enough.

3 Barriers to saving for retirement

Nearly two-thirds of employees encounter barriers to saving money for retirement.4 Common deterrents include:

Barriers to saving for retirement are anxiety about market volatility, limited budget and not understanding saving.

What employees want

Beyond retirement programs, assistance with immediate money matters like guidance on budgeting or learning about investing can boost employees' personal sense of security. They're interested in:

94% education assistance, 57% financial coaching, 77% interactive platforms.

Helping with immediate money matters7

Supporting financial health and retirement readiness can help reduce stress and manage risk. Nearly 9 in 10 employers offer at least one financial wellbeing program or resource to employees. The most popular are:

64% pretax dependent care reimbursement, 53% financial literacy training, 51% employee discounts, 44% financial coaching and 44% will/estate planning

Sources

1 "Getting Better with Gallagher Financial Wellbeing Monthly Webinar: Investing 101," Gallagher, May 2022.

2White, Alexandria. "77% of Americans Are Anxious About Their Financial Situation — Here's How to Take Control," CNBC Select, updated 9 May 2023.

3"Getting Better with Gallagher Financial Wellbeing Monthly Webinar: Funding Your Retirement Lifestyle," Gallagher, Jun 2022.

4"Getting Better with Gallagher Financial Wellbeing Monthly Webinar: Retirement Plan Basics," Gallagher, Apr 2022.

5Gallagher, "Getting Better with Gallagher Financial Wellbeing Monthly Webinar: Education Financing (Managing Education Debt & Expenses)," Gallagher, Mar 2022.

6"Getting Better with Gallagher Financial Wellbeing Monthly Webinar: Retirement Account Basics,"Gallagher, Feb 2023.

7"2022 Workforce Trends Report Series: Financial Wellbeing," Gallagher, Jan 2023.

Disclaimer

Gallagher Fiduciary Advisors, LLC ("GFA") is an SEC Registered Investment Advisor that provides retirement, investment advisory, discretionary/named and independent fiduciary services. GFA is a limited liability company with Gallagher Benefit Services, Inc. as its single member. GFA may pay referral fees or other remuneration to employees of AJG or its affiliates or to independent contractors; such payments do not change our fee.

Securities may be offered through Triad Advisors, LLC ("Triad"), member FINRA/SIPC. Triad is separately owned and other entities and/or marketing names, products or services referenced here are independent of Triad. Neither Triad, Arthur J. Gallagher & Co.,GFA, their affiliates nor representatives provide accounting, legal or tax advice. GFA/Triad CD (5683375)(exp052025).

Securities may be offered through Independent Financial Group, LLC (IFG). Member FINRA/SIPC. Kusske Financial Asset Management, f3Logic, Gallagher and IFG are unaffiliated entities. Kusske Financial Asset Management and f3Logic are Gallagher Companies.

GBS Insurance and Financial Services, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

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