RADNOR, PA — A new study from Lincoln Financial Group (NYSE: LNC) highlights the growing role of financial wellness benefits in helping employers attract and retain workers amid rising debt, higher living costs, and mounting financial stress.
The Wellness@Work survey, based on responses from more than 2,500 full-time workers, found that employees who feel financially secure are twice as likely to want to stay with their employer and view their benefits favorably. Yet only half of workers reported being very familiar with their benefits, and even fewer understood how to use them fully.
“Employees are looking to their employers not just for a paycheck, but for guidance and tools that can help them build financial confidence,” said Jimmy Reid, executive vice president and president of Workplace Solutions at Lincoln Financial.
The research pointed to three strategies employers can use to strengthen financial security:
1. Strengthen retirement benefits. Only 28 percent of workers said they feel highly confident about their retirement readiness, and nearly half fear they may never retire. Respondents showed strong interest in guaranteed income solutions, managed accounts, and target-date funds. Those who worked with a retirement consultant were twice as confident in their financial decisions.
2. Optimize open enrollment. With 58 percent of employees re-evaluating their benefits, annual enrollment offers a chance to boost engagement and retention. Supplemental health benefits, such as accident or critical illness insurance, were linked to higher retirement savings rates.
3. Expand financial wellness tools. Debt and competing financial priorities remain widespread, especially among younger workers. Eighty-two percent of employees reported carrying debt, with most citing it as a problem. Wellness tools like Lincoln’s WellnessPATH® provide assessments, goal-setting, and resources to help workers manage obligations and build savings.
Lincoln emphasized that integrating retirement plans, health coverage, and financial wellness programs can help employers reduce workforce stress while improving productivity and loyalty.
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