Help participants balance financial priorities
It’s not a secret – participants know they’re not saving enough. In fact, six in 10 participants don’t believe their contributions even meet the level needed to stay on track for retirement.
So why aren’t they saving more? More than half of participants we surveyed said it’s because they can’t afford to save more.1 They’re dealing with a growing number of competing priorities for their hard-earned money; about half told us they have three or more savings goals beyond retirement.2
Consumers are understandably focused on what's right in front of them – getting out of debt and saving for items in addition to retirement. Things like saving for a vacation, an emergency fund or home improvements top the list. And nearly six in 10 describe their debt as a problem.3
Explore our research
Lincoln Retirement Power® Participant Study research reveals the person behind the participant. Explore the study further to discover what's driving participant behavior.
Financial education helps set priorities
Lincoln is committed to offering a better participant experience. Financial wellness education can help participants manage competing priorities and set achievable goals.
Our research revealed that consumers are thirsty for more financial knowledge, including a host of issues focused on financial wellness. Half of participants want information on how to budget and a third have already researched it.4
In fact, four in ten retirement plan participants have proactively researched information on selecting the right investments for retirement.5 The same percentage has looked into being on track with retirement savings.6
Lincoln tools can help
You’re in a position to help your employees navigate these competing priorities. Direct participants to educational materials and helpful calculators at LincolnFinancial.com/Retirement, and talk with your Lincoln representative to learn more about our financial wellness solutions.
1Lincoln Retirement Power® Participant Study, 2017.