COVID-19 continues to have a tremendous economic impact, and as National Retirement Savings Week kicks off, we're highlighting how the pandemic has affected retirement.
Lincoln Financial Group's 2021 Retirement Power Study highlights some notable shifts in both attitudes and behaviors:
69% of participants say they intend to save more in their retirement plans.
Nearly half of the participants who can access employer-sponsored plans but do not plan to start contributing.
76% of participants have at least three competing financial priorities that divert their attention away from retirement savings.
9 out of 10 participants report feeling stressed about finances as a result of competing priorities.
86% of participants who use financial wellness tools see a positive impact as a result and appreciate the ability to view a holistic picture of their finances including debt, savings, spending, and protection.
Savers who use employer-provided resources are more than twice as likely to have increased their retirement plan contributions in the past year.
8 in 10 participants are eager for financial education around their retirement plans, specifically investment options available to them.
60% of participants believe they are saving less than they need to for retirement.
72% of participants are interested in how guaranteed income products might affect their retirement savings and nearly half say they'd increase their contributions if these products were available to them.
What does this mean for you?
Open Enrollment kicks off on November 1, which is less than two weeks away. Now, more than ever, your employees need the right information and education to make decisions that will reduce their financial anxiety while increasing their ability to contribute to their retirement plans.
The Robin S. Weingast & Associates team is here to help you during Open Enrollment and beyond. Our team of experts can give you the resources and support you need to help boost retirement confidence — and savings, in ways that work for your employees and your bottom line. Contact us today to find out more.