Financial Wellness Programs in Greater Demand During COVID-19

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When faced with economic uncertainty and market volatility at the onset of the coronavirus pandemic, employees flocked to their companies’ financial wellness programs, Prudential found in a survey of nearly 700 retirement plan decisionmakers in May.

Seventy-two percent of these retirement plan executives said their financial wellness programs were in greater demand, with 28% saying the uptick was sizable. They also said employees were looking for a mix of financial advice and emergency assistance.

“To have employees resoundingly turn to financial wellness resources serves as both confirmation of their value and an opening to build on this strong foundation,” says Harry Dalessio, head of institutional retirement plan services at Prudential Retirement. “As the pandemic has evolved, so have personal finances. Employers have an opportunity to meet the ongoing and changing needs that are surfacing.”

Sponsors said that when they heard from their employees at the onset of the pandemic, they were primarily focused on. . .

Source: PLANADVISER

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