{"id":27667,"date":"2024-01-31T10:50:59","date_gmt":"2024-01-31T15:50:59","guid":{"rendered":"https:\/\/www.wellable.co\/blog\/?p=27667"},"modified":"2024-01-31T10:51:00","modified_gmt":"2024-01-31T15:51:00","slug":"rethinking-retirement-addressing-the-gap","status":"publish","type":"post","link":"https:\/\/www.wellable.co\/blog\/rethinking-retirement-addressing-the-gap\/","title":{"rendered":"Rethinking Retirement: Addressing The Gap Between Employee Needs &#038; Employer Actions"},"content":{"rendered":"\n<p>In January 2024, Google Trends reported a <a href=\"https:\/\/www.threads.net\/@googletrends\/post\/C2f3VJPvEeT\" target=\"_blank\" rel=\"noreferrer noopener\">1,450% surge in searches<\/a> for &#8220;retirement ages around the world,&#8221; signifying a growing concern about financial wellness. This apprehension is echoed in <a href=\"https:\/\/www.betterment.com\/hubfs\/PDFs\/b4b\/reports\/b4b-retirement-readiness-report-2023.pdf?hsCtaTracking=f637223f-f814-4ce7-9310-d1fb66ccb8ca%7C57d8ff18-0587-4ae5-b7da-611432ab974c\" target=\"_blank\" rel=\"noreferrer noopener\">Betterment&#8217;s 2023 Retirement Readiness Report<\/a>, which highlights a pervasive lack of confidence among workers in their retirement savings.\u00a0<\/p>\n\n\n\n<center><blockquote class=\"text-post-media\" data-text-post-permalink=\"https:\/\/www.threads.net\/@googletrends\/post\/C2f3VJPvEeT\" data-text-post-version=\"0\" id=\"ig-tp-C2f3VJPvEeT\" style=\" background:#FFF; border-width: 1px; border-style: solid; border-color: #00000026; border-radius: 16px; max-width:540px; margin: 1px; min-width:270px; padding:0; width:99.375%; width:-webkit-calc(100% - 2px); width:calc(100% - 2px);\"> <a href=\"https:\/\/www.threads.net\/@googletrends\/post\/C2f3VJPvEeT\" style=\" background:#FFFFFF; line-height:0; padding:0 0; text-align:center; text-decoration:none; width:100%; font-family: -apple-system, BlinkMacSystemFont, sans-serif;\" target=\"_blank\" rel=\"noopener\"> <div style=\" padding: 40px; display: flex; flex-direction: column; align-items: center;\"><div style=\" display:block; height:32px; width:32px; padding-bottom:20px;\"> <svg aria-label=\"Threads\" height=\"32px\" role=\"img\" viewBox=\"0 0 192 192\" width=\"32px\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"> <path d=\"M141.537 88.9883C140.71 88.5919 139.87 88.2104 139.019 87.8451C137.537 60.5382 122.616 44.905 97.5619 44.745C97.4484 44.7443 97.3355 44.7443 97.222 44.7443C82.2364 44.7443 69.7731 51.1409 62.102 62.7807L75.881 72.2328C81.6116 63.5383 90.6052 61.6848 97.2286 61.6848C97.3051 61.6848 97.3819 61.6848 97.4576 61.6855C105.707 61.7381 111.932 64.1366 115.961 68.814C118.893 72.2193 120.854 76.925 121.825 82.8638C114.511 81.6207 106.601 81.2385 98.145 81.7233C74.3247 83.0954 59.0111 96.9879 60.0396 116.292C60.5615 126.084 65.4397 134.508 73.775 140.011C80.8224 144.663 89.899 146.938 99.3323 146.423C111.79 145.74 121.563 140.987 128.381 132.296C133.559 125.696 136.834 117.143 138.28 106.366C144.217 109.949 148.617 114.664 151.047 120.332C155.179 129.967 155.42 145.8 142.501 158.708C131.182 170.016 117.576 174.908 97.0135 175.059C74.2042 174.89 56.9538 167.575 45.7381 153.317C35.2355 139.966 29.8077 120.682 29.6052 96C29.8077 71.3178 35.2355 52.0336 45.7381 38.6827C56.9538 24.4249 74.2039 17.11 97.0132 16.9405C119.988 17.1113 137.539 24.4614 149.184 38.788C154.894 45.8136 159.199 54.6488 162.037 64.9503L178.184 60.6422C174.744 47.9622 169.331 37.0357 161.965 27.974C147.036 9.60668 125.202 0.195148 97.0695 0H96.9569C68.8816 0.19447 47.2921 9.6418 32.7883 28.0793C19.8819 44.4864 13.2244 67.3157 13.0007 95.9325L13 96L13.0007 96.0675C13.2244 124.684 19.8819 147.514 32.7883 163.921C47.2921 182.358 68.8816 191.806 96.9569 192H97.0695C122.03 191.827 139.624 185.292 154.118 170.811C173.081 151.866 172.51 128.119 166.26 113.541C161.776 103.087 153.227 94.5962 141.537 88.9883ZM98.4405 129.507C88.0005 130.095 77.1544 125.409 76.6196 115.372C76.2232 107.93 81.9158 99.626 99.0812 98.6368C101.047 98.5234 102.976 98.468 104.871 98.468C111.106 98.468 116.939 99.0737 122.242 100.233C120.264 124.935 108.662 128.946 98.4405 129.507Z\" \/><\/svg><\/div> <div style=\" font-size: 15px; line-height: 21px; color: #999999; font-weight: 400; padding-bottom: 4px; \"> Post by @googletrends<\/div> <div style=\" font-size: 15px; line-height: 21px; color: #000000; font-weight: 600; \"> View on Threads<\/div><\/div><\/a><\/blockquote><\/center>\n<script async src=\"https:\/\/www.threads.net\/embed.js\"><\/script>\n\n\n\n<p>Despite the importance of robust financial wellness benefits for job loyalty and performance, <a href=\"https:\/\/www.wellable.co\/resources\/employee-wellness-industry-trends-reports\/2024\/\" target=\"_blank\" rel=\"noreferrer noopener\">Wellable&#8217;s 2024 Employee Wellness Industry Trends<\/a> report shows a decline in employer investment in such initiatives. This contrast points to the need for reevaluating financial well-being strategies in the workplace.<\/p>\n\n\n<div style=\"border: 1px solid rgb(0 0 0 \/ 0.1); padding: 25px 25px 10px; border-radius: 8px; box-shadow: 0 4px 6px -1px rgb(0 0 0 \/ 0.1), 0 2px 4px -2px rgb(0 0 0 \/ 0.1);\">\n<h3 id=\"h-pressed-for-time-here-s-a-quick-summary\" class=\"wp-block-heading nitoc\">Pressed for time? Here\u2019s a quick summary\u2026<\/h3>\n<ul>\n<li><strong><span class=\"TextRun SCXW126938426 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW126938426 BCX0\">Retirement<\/span><span class=\"NormalTextRun SCXW126938426 BCX0\"> age<\/span><span class=\"NormalTextRun SCXW126938426 BCX0\"> debate<\/span><span class=\"NormalTextRun SCXW126938426 BCX0\">:<\/span><\/span><\/strong><span class=\"TextRun SCXW126938426 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"> <span class=\"NormalTextRun SCXW126938426 BCX0\">Nikki Haley&#8217;s suggestion to raise the retirement age to 70 has sparked viral discussions on TikTok, heightening retirement anxieties.<\/span><\/span><\/li>\n<li><strong><span class=\"TextRun SCXW81000715 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW81000715 BCX0\">Retirement <\/span><span class=\"NormalTextRun SCXW81000715 BCX0\">(un)<\/span><span class=\"NormalTextRun SCXW81000715 BCX0\">readiness:<\/span><\/span><\/strong><span class=\"TextRun SCXW81000715 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW81000715 BCX0\"> Less than half of workers <\/span><span class=\"NormalTextRun SCXW81000715 BCX0\">are<\/span><span class=\"NormalTextRun SCXW81000715 BCX0\"> confident about <\/span><span class=\"NormalTextRun SCXW81000715 BCX0\">their<\/span><span class=\"NormalTextRun SCXW81000715 BCX0\"> retirement<\/span><span class=\"NormalTextRun SCXW81000715 BCX0\"> savings<\/span><span class=\"NormalTextRun SCXW81000715 BCX0\">, <\/span><span class=\"NormalTextRun SCXW81000715 BCX0\">and many are open to<\/span><span class=\"NormalTextRun SCXW81000715 BCX0\"> job<\/span><span class=\"NormalTextRun SCXW81000715 BCX0\"> changes<\/span><span class=\"NormalTextRun SCXW81000715 BCX0\"> for better financial benefits.<\/span><\/span><\/li>\n<li><strong><span class=\"TextRun SCXW161510732 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW161510732 BCX0\">Disconnect in employer response:<\/span><\/span><\/strong><span class=\"TextRun SCXW161510732 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW161510732 BCX0\"> Despite employee interest, <\/span><span class=\"NormalTextRun SCXW161510732 BCX0\">there\u2019s<\/span><span class=\"NormalTextRun SCXW161510732 BCX0\"> a<\/span><span class=\"NormalTextRun SCXW161510732 BCX0\"> reduction in employer inv<\/span><span class=\"NormalTextRun SCXW161510732 BCX0\">e<\/span><span class=\"NormalTextRun SCXW161510732 BCX0\">stment in <\/span><\/span><a class=\"Hyperlink SCXW161510732 BCX0\" href=\"https:\/\/www.wellable.co\/blog\/components-of-effective-financial-wellness-program\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW161510732 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW161510732 BCX0\" data-ccp-charstyle=\"Hyperlink\">financial wellness programs<\/span><\/span><\/a><span class=\"TextRun SCXW161510732 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW161510732 BCX0\"> for 2024.<\/span><\/span><\/li>\n<li><strong><span class=\"TextRun SCXW221492195 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun CommentStart CommentHighlightPipeRest CommentHighlightRest SCXW221492195 BCX0\">Workplace f<\/span><span class=\"NormalTextRun CommentHighlightRest SCXW221492195 BCX0\">inancial<\/span><span class=\"NormalTextRun CommentHighlightRest SCXW221492195 BCX0\"> wellness<\/span><span class=\"NormalTextRun CommentHighlightPipeRest SCXW221492195 BCX0\">:<\/span><\/span><\/strong><span class=\"TextRun SCXW221492195 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"> <span class=\"NormalTextRun SCXW221492195 BCX0\">Fair, <\/span><\/span><a class=\"Hyperlink SCXW221492195 BCX0\" href=\"https:\/\/www.wellable.co\/blog\/ultimate-pay-transparency-guide\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW221492195 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW221492195 BCX0\" data-ccp-charstyle=\"Hyperlink\">transparent pay<\/span><\/span><\/a><span class=\"TextRun SCXW221492195 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW221492195 BCX0\">, financial education, personalized coaching, and incentives like <\/span><\/span><a class=\"Hyperlink SCXW221492195 BCX0\" href=\"https:\/\/www.wellable.co\/blog\/beyond-the-401k-the-full-potential-of-employee-financial-wellness\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW221492195 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW221492195 BCX0\" data-ccp-charstyle=\"Hyperlink\">401k<\/span><\/span><\/a><span class=\"TextRun SCXW221492195 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW221492195 BCX0\"> and <\/span><\/span><a class=\"Hyperlink SCXW221492195 BCX0\" href=\"https:\/\/www.wellable.co\/blog\/hsa-as-a-retirement-account\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW221492195 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW221492195 BCX0\" data-ccp-charstyle=\"Hyperlink\">HSA<\/span><\/span><\/a><span class=\"TextRun SCXW221492195 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW221492195 BCX0\">\/FSA contributions promote financial well<\/span><span class=\"NormalTextRun SCXW221492195 BCX0\">-being<\/span><span class=\"NormalTextRun SCXW221492195 BCX0\"> at work.<\/span><\/span><\/li>\n<\/ul>\n<\/div>\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rising-tide-of-financial-wellness-concerns\">Rising Tide Of Financial Wellness Concerns<\/h2>\n\n\n\n<p>The increased interest in search terms related to &#8220;retirement ages around the world&#8221; reflects deeper concerns about financial security and aspirations for a stable future. Societal and economic factors contribute to these concerns, such as Nikki Haley\u2019s recent proposal to raise the retirement age to 70 for Americans currently in their 20s.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong><em>What you would do is, for those in their 20s coming into the\u202fsystem, we would change the\u202fretirement age so that it matches\u202flife expectancy<\/em><\/strong><\/p>\n<cite><strong><em>Nikki Haley, Republican presidential candidate<\/em><\/strong><\/cite><\/blockquote>\n\n\n\n<p>Haley\u2019s plan, widely discussed on TikTok, is facing backlash from young people for shifting the retirement goalpost, exacerbating concerns about future stability.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-current-state-of-retirement-readiness\">Current State Of Retirement Readiness<\/h2>\n\n\n\n<p>Betterment&#8217;s report reveals the concerning state of retirement readiness among workers:&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"512\" src=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2024\/01\/Industry-Report-PDF-Graphics-35-e1706714971241-1024x512.png\" alt=\"Current State Of Retirement Readiness\" class=\"wp-image-27691\" style=\"width:622px;height:auto\" srcset=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2024\/01\/Industry-Report-PDF-Graphics-35-e1706714971241-1024x512.png 1024w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2024\/01\/Industry-Report-PDF-Graphics-35-e1706714971241-300x150.png 300w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2024\/01\/Industry-Report-PDF-Graphics-35-e1706714971241-768x384.png 768w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2024\/01\/Industry-Report-PDF-Graphics-35-e1706714971241-1536x768.png 1536w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2024\/01\/Industry-Report-PDF-Graphics-35-e1706714971241.png 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Betterment&#8217;s 2023 Retirement Readiness Report<\/figcaption><\/figure><\/div>\n\n\n<ul class=\"wp-block-list\">\n<li>Only 40% feel confident about saving enough for retirement<\/li>\n\n\n\n<li>60% would consider switching jobs for better financial benefits, a 6% increase from the previous year<\/li>\n\n\n\n<li>58% report that financial anxiety hinders their focus at work<\/li>\n<\/ul>\n\n\n\n<p>This data highlights a substantial gap between employees&#8217; desires for financial security and their preparedness. The impact of financial anxiety is profound, affecting both personal well-being and professional performance and satisfaction.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-disconnect-in-employer-response\">Disconnect In Employer Response<\/h2>\n\n\n\n<p>Despite employee concern and interest, <a href=\"https:\/\/www.wellable.co\/resources\/employee-wellness-industry-trends-reports\/2024\/\" target=\"_blank\" rel=\"noreferrer noopener\">Wellable\u2019s 2024 Employee Wellness Industry Trends<\/a> report shows a reduction in employer investment in financial wellness programs:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"847\" src=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2024\/01\/Industry-Report-PDF-Graphics-36-e1706715278233-1024x847.png\" alt=\"2024 Financial Wellness Investment Trend\" class=\"wp-image-27693\" style=\"width:442px;height:auto\" srcset=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2024\/01\/Industry-Report-PDF-Graphics-36-e1706715278233-1024x847.png 1024w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2024\/01\/Industry-Report-PDF-Graphics-36-e1706715278233-300x248.png 300w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2024\/01\/Industry-Report-PDF-Graphics-36-e1706715278233-768x635.png 768w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2024\/01\/Industry-Report-PDF-Graphics-36-e1706715278233.png 1164w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Wellable&#8217;s 2024 Employee Wellness Industry Trends Report<\/figcaption><\/figure><\/div>\n\n\n<ul class=\"wp-block-list\">\n<li>There&#8217;s a significant decrease in the proportion of companies increasing their investment in these programs, dropping from <strong>65% in 2023<\/strong> to just <strong>30% in 2024<\/strong><\/li>\n\n\n\n<li>The percentage of companies maintaining their current investment level has nearly doubled, rising from <strong>29% in 2023<\/strong> to<strong> 57% in 2024<\/strong><\/li>\n\n\n\n<li>There\u2019s a notable increase in companies reducing their investment, from <strong>6% in 2023<\/strong> to <strong>14% in 2024<\/strong>&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>This pullback may stem from the stabilization of the broader economic climate, potentially shifting employers\u2019 attention to other issues like escalating healthcare costs. However, neglecting financial wellness could have long-term impacts on employee satisfaction, retention, and productivity.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-improving-financial-wellness-initiatives\">Improving Financial Wellness Initiatives<\/h2>\n\n\n\n<p>Financial wellness programs are mutually beneficial for employees and employers. For employees, they offer peace of mind and security about their financial future. For employers, these programs are an investment in creating a stable, focused workforce, leading to potential reductions in turnover and boosts in loyalty.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" width=\"650\" height=\"500\" src=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2024\/01\/Improving-Financial-Wellness-Initiatives.png\" alt=\"Improving Financial Wellness Initiatives\" class=\"wp-image-27684\" style=\"width:394px;height:auto\" srcset=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2024\/01\/Improving-Financial-Wellness-Initiatives.png 650w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2024\/01\/Improving-Financial-Wellness-Initiatives-300x231.png 300w\" sizes=\"(max-width: 650px) 100vw, 650px\" \/><\/figure><\/div>\n\n\n<p>Key components of a well-rounded approach to financial wellness include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Fair pay &amp; transparency:<\/strong> Align base salary, bonuses, benefits, and equity compensation with industry standards and competition to attract and retain talent. Clear communication about compensation structure, including salary bands and criteria for raises or promotions, is crucial for promoting trust, motivation, and fairness.&nbsp;<\/li>\n\n\n\n<li><strong>Financial education:<\/strong> Offering workshops or online resources about budgeting, debt management, and investment can empower employees to make informed financial decisions. This could include seminars on retirement planning or access to financial planning tools.&nbsp;<\/li>\n\n\n\n<li><strong>Personalized coaching:<\/strong> Providing one-on-one sessions with financial advisors allows employees to receive guidance tailored to their unique financial situations. This can cover topics from saving for a home to managing student loans.&nbsp;<\/li>\n\n\n\n<li><strong>Incentivizing savings:<\/strong> Matching contributions for 401k plans or offering contributions to HSAs\/FSAs can encourage consistent saving habits.&nbsp;<\/li>\n\n\n\n<li><strong>Lifestyle spending accounts (LSAs):<\/strong> <a href=\"https:\/\/www.wellable.co\/blog\/what-is-lifestyle-spending-account-lsa\/\" target=\"_blank\" rel=\"noreferrer noopener\">LSAs<\/a> offer flexibility for various personal expenses, from wellness activities to continuing education, allowing employees to invest in what matters most to them.&nbsp;<\/li>\n\n\n\n<li><strong>Regular financial health check-ups<\/strong>: Encourage employees to periodically review their financial status through annual financial wellness workshops or check-in meetings, helping them stay on track with their goals and adjust plans as needed.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>With less than half of workers confident in their retirement savings, employers must rethink financial well-being within their workforce.<\/p>\n","protected":false},"author":1,"featured_media":27685,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,12],"tags":[],"class_list":["post-27667","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-future-of-work","category-holistic-workplace-wellness"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.6 (Yoast SEO v24.8.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rethinking Retirement: Addressing The Gap Between Employee Needs &#038; 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