What’s your financial wellness story?

By exploring the link between financial wellness and retirement readiness, you can help participants better prepare for the future.

Financial wellness facts

Financial wellness is not just a buzzword. Plan sponsors are increasingly recognizing that it can have a direct impact on retirement readiness and plan health. While 30% of plan sponsors say that addressing broad financial well-being is the most important aspect of participant behavior, only 12% of plan sponsors are satisfied with how they address it.1

What story does your data tell?

Your custom plan data tell the story of your plan’s health. The following key performance indicators (KPIs) help reveal participant retirement readiness.

  • Average account balance
  • Average yearly contribution
  • Average contribution rate

Only 28% of retirement plan participants are very or extremely confident about all three of the following:

  • Being able to accumulate enough money to retire when they want to
  • Being able to convert their savings into income when they retire
  • Having enough money to maintain the lifestyles they want in retirement2

Dig deeper into the financial wellness story

The majority of participants lack retirement confidence. Is that reflected in the story your plan data tells you? Asking these questions can help participants prepare.

  • Do you have a financial wellness plan?
  • What is your year-over-year change in average participant contribution rate? Are you improving?
  • How do you compare to your peers?

Take action with financial wellness

Improving financial wellness can help participants manage immediate priorities so they can better focus on long-term goals, such as retirement.

OFFER TOOLS

Easy-to-use financial wellness solutions let participants take control of their financial lives. Lincoln WellnessPATH®, our personalized online financial wellness tool, offers custom action steps, helps participants set specific goals and to-dos, and allows participants to pull in outside account information to show the whole financial picture. Find out more about these features.

PROVIDE EDUCATION

Our education materials help participants understand budgeting and financial basics so they can take charge of their financial health. This flier provides a short overview of materials about a variety of retirement planning and financial wellness topics.

GIVE PERSONALIZED SUPPORT

Participants have other financial priorities competing for their dollars. Personal help allows participants to talk through their questions and learn how to budget and find ways to save more. Among participants who increased their retirement plan contributions in the past year, 51% attended a one-on-one meeting. Among that 51%, the personal meeting was the most-cited motivator for the increase.3

Help participants boost financial wellness

You can help participants better prepare for the future by exploring the link between financial wellness and retirement readiness. Contact your Lincoln representative to find out how our financial wellness solutions can help you achieve your plan goals.