Encourage Financial Wellness

Financial wellness is a complex topic. It can be hard for employees to understand what steps they should take to reach financial fitness.

They may know they need life insurance. Maybe they're thinking about retirement planning. But do they know what it takes to be retirement ready? Have they even thought about what would happen to their finances and retirement savings if a disability kept them from working?

One in four 20 year olds

More than one in four 20-year-olds

will become disabled before reaching retirement age.


Source: The Facts about Social Security's Disability Program, Social Security Administration, January 2017

Empty wallet

45% of U.S. working households

have no retirement assets.


Source: The Retirement Savings Deficit in America, BenefitsPRO, June 2017

 

When Employees Don't Plan

Employees can run into financial trouble at any point in their lives. Those who haven't planned for a life-changing event could see their savings and retirement wiped out. Others may have to wait longer to retire because they didn't plan well enough. And these scenarios have an impact on you.

 

Price tag

44% of U.S. adults

said they couldn’t cover a $400 emergency expense without selling something or borrowing money.


Source: Report on the Economic Well-Being of U.S. Households in 2016, U.S. Federal Reserve, May 2017

Small amount of money

Only 18% of Americans

think they have enough money saved for retirement.


Source: Ten scary retirement statistics: 2017, BenefitsPRO, August 2017

 

What Are the Steps to Financial Wellness?

Employees should make a budget and save for retirement. They also need insurance to replace lost income if they can't work, if they die or if they lose a loved one.

How can you help your employees take these steps?

  • Educate them on why they need to have enough insurance
  • Help them understand their options for buying disability and life coverage
  • Tell them about opportunities to purchase newer insurance products like Accident, Hospital Indemnity and Critical Illness
  • Sponsor a solid retirement plan that comes with education and support for participants

 

Not Ready for a Life Changing Event

One of three people

About 1/3 of people

who struggled to pay medical bills said the bills resulted from a short-term medical cost, like a hospital stay or an emergency room visit.


Source: The Burden of Medical Debt, Kaiser Family Foundation, 2016

Calendar

43% of all employees

would feel a financial impact within 6 months of a primary wage earner’s death.


Source: 2015 Insurance Barometer Study Finds Americans Continue to Overestimate Cost of Life Insurance, LIMRA, April 2015

 

Helping Employees Safeguard Finances and Family

Product Serves Vital Need in High Deductible Health Plans  
Accidents and critical illnesses can bring expenses that collide with your employees' finances. In this Rough Notes article, Danielle Wooden-Lehman, voluntary product manager at The Standard, shares her thoughts on the value of offering Accident insurance with health plans.

 

Protection for their loved ones

Protection for Their Loved Ones

You can give employees another way to shield their family finances with a voluntary Life plan.

Highly paid employee

Extra Income Protection

Although you may offer strong LTD and Life coverage, your highly compensated team members might need more protection.

Disability Coverage Is Paycheck Protection

Do your employees understand why they need disability insurance? Share this video to show the value of the benefit you're offering them.

 

Expert Advice on Motivating Employee Retirement Saving

Six Tips to Increase Retirement Readiness  
What gets in the way of saving for retirement? Sometimes it's your employees' own behavior toward money. Ken Waineo, The Standard's senior director of business development and operations for retirement plans, tackles the issue in ThinkAdvisor.

How to Boost Use of Retirement Plan Auto Escalation  
Ken also addresses using auto-escalation to help employees save more for retirement.

 

Tools for retirement planning

Tools for Retirement Planning

Want to support your employees in planning for retirement? We can deliver communication tools and training to help them become retirement ready.

Move the needle

Move the Needle on Readiness

Our Mainspring Managed service provides employees with a personalized savings and investment plan based on risk tolerance, savings goals and other individual factors.