What are the top financial priorities of employees?
According to The Financial Wellness Report, published in partnership with ADP, employees have a lot of concerns. The following is the list in order of priority:
Continuing to save for retirement (65%),
Building up cash reserves (56%),
Delaying large purchases or investments (20%),
Getting estate planning in order (19%),
Reducing loan payments to lenders (16%),
Making contingency plans for next-in-line sources of cash (13%),
Increasing life insurance coverage (12%),
Reducing interest rates on mortgage and loans (10%),
Reducing tax bill through charitable contributions (9%),
Increasing health insurance coverage (7%),
Holding off on paying down debt (6%),
Relocating to a more tax-friendly state (6%),
Shifting education strategies (4%),
Harvesting tax loss (4%),
Delaying/pausing saving for retirement (2%).
Obviously this is a diverse list with competing interests. For employers, surveying employees within your demographics can help to determine the best path forward with any financial education you are thinking of providing. The next step is to provide actionable steps for those employees to take while these issues are front of mind.