Employers Taking a More Proactive Approach to Financial Wellness
A larger number of plan sponsors are taking accountability for their employees’ financial wellbeing, according to J.P. Morgan's 2023 Retirement Insights survey of plan sponsors. Approximately 85% of employers currently feel a strong sense of responsibility for their workers, up from 59% in 2013. Just under 90% of surveyed employers report feeling a “very high” or “somewhat high” level of responsibility, up from 74% in 2019 and 59% a decade ago. More employers are either offering or considering implementing a financial wellness program into their benefits. Forty-three percent of plan sponsors say they already offer a program dedicated to financial wellbeing, while 28% are considering adding one. The most frequently cited goals for offering these programs included helping employees’ financial stability, retirement planning and financial education.
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