Saving for retirement is the most commonly cited financial goal among employees, coming ahead of many short-term goals, including eliminating debt and creating an emergency fund.
We found that saving for retirement is a goal for the majority, 56%, of employees surveyed. Saving for retirement came in far ahead of the second most popular financial goal, which was chosen by 40% of employees.
In the latest issue of Financial Wellness Insights, we discuss the top five goals among employees. Check out the full study here: http://retiremaphq.com/financial-goals
Highlights of the issue include generational differences, financial motivations across different income groups, and tips for talking to employees about their top financial goals.
When it comes to retirement planning, our analysis suggests that the problem is not with employee intention but with knowledge. By empowering employees with the right tools for long-term planning, advisors can effectively help employees achieve their financial goals.
Retiremap’s Financial Wellness Insights is a bimonthly research series that helps employers and advisors better understand employees. Each issue offers a blend of in-depth analysis of employee data and highlights of research from throughout the industry. As always, Retiremap is happy to offer Financial Wellness Insights with white-labeling for advisors to present and distribute.