The global pandemic has had a staggering effect on the economic lives of millions, driving them to actions that could have long-lasting effects on their retirement savings. Facing unprecedented strain caused by the COVID-19 crisis, individuals who lack adequate emergency savings are turning to retirement plans to address their financial shortfalls. Additionally, hardship withdrawals have been made easier by the passage of the 2020 Coronavirus Aid, Relief, and Economic Securit
When employees are financially stressed, they spend three or more hours a week – approximately 150 hours per year – worrying about personal finances or dealing with them at work. A financial wellness program is a soft benefit, so if you feel anxious about offering this benefit, you’re not alone. There are a lot of questions to consider: Will employees be engaged in the program? Will productivity improve? Will turnover decrease? Will this program improve our balance sheet?
Many American workers struggled financially before the COVID-19 pandemic. Therefore, it isn’t surprising that this crisis could greatly hinder their ability to reach their retirement income goals. Indeed, more than three-quarters of employees (77%) say they have been concerned about their financial well-being since the COVID-19 outbreak and 82% will rely on their workplace retirement plan as a primary income source in their post-working years. That is, if they can get ther