Financial Wellness

Financial wellness is one of the biggest challenges for our industry and our nation. Many efforts have been made to improve consumers’ financial wellness with limited success. Not only does this put families at risk, it causes significant stress. Learn more about consumer needs and opportunities for the industry.

Financial Wellness Research

Gender, Generation and Wellness

"Wellness” isn’t inherently gender-specific or unique to any one generation. However, on many dimensions, women and younger generations have an increased need for wellness programs and product offerings.

LIMRA Financial Wellness Spectrum: Understanding Consumer Wellness, Situations, Expectations, and Needs

“Financial Wellness” is multi-faceted. Explore the interplay of financial, physical, and emotional factors in five financial wellness types.

The LIMRA Financial Wellness Index™

The LIMRA Financial Wellness Index™ helps give form and definition to the often mercurial concept of financial wellness by creating a wellness “score” that can be assessed over time, and compared within and among different demographic segments.

Workforce Wellness: Employer and Employee Perspectives on Wellness and Work

This research briefing explores the impact that financial, physical, emotional and related wellness factors have on employees and their work.

Harnessing Growth and Seizing Opportunity: The Future of Workforce Benefits

LIMRA and EY partnered to explore how key stakeholders (employers, employees, benefit brokers, and benefit technology providers) are responding to the transformational changes impacting the workplace benefits marketplace.

Data Security: The Key to Financial Wellness

Balancing personalization and data privacy to create financial wellness programs that resonate with employees.

Advisor Views On Financial Wellness

This is a summary of interviews with financial professionals to gauge awareness of financial wellness programs and find out what distinguishes financial wellness from traditional financial planning.

A Measure of Financial Wellness

As the COVID-19 pandemic propelled consumers down the path of holistic financial wellness, its growing importance spurred LIMRA to work with a task force of association members to define and measure consumer financial wellness.

DC Advisor Views: Financial Wellness Programs in the Workplace

Financial wellness in the workplace is increasing in visibility and importance, and is usually tied to retirement savings programs. Research explores how plan advisors deliver wellness programs and what they look for from recordkeepers and asset managers.

Extending the Life Insurance Value Proposition

The wellness economy is flourishing as consumers increasingly seek to understand the implications of their lifestyle on their overall health. Insurance companies can harness this momentum by more closely aligning the incentives of the insured with the insurer.

More Than a Paycheck: Financial Wellness in the Workplace

Financial wellness may be “the hot new benefit”…but what do employers really think about it?

Retirement Account Leakage and Emergency Savings: Impact of COVID-19

In the wake of COVID-19, can emergency savings accounts prevent retirement plan leakage?

Financial Wellness: Building Strength to Handle Storms (LOMA log in required)

Many consumers struggled with financial health before COVID-19 and the recent economic upheaval has only added to the stress.

Emergency Savings Research

The Role of Emergency Savings in Financial Wellness

Emergency savings — a need and an opportunity.

The State of Emergency (Savings)

Emergency savings — a need and an opportunity.

Coping with the Unexpected: Helping Workers with Emergency Savings and Cash Flow (LOMA log in required)

Recent research shows many Americans do not have an emergency savings. Learn how carriers are developing products to assist with this need.

Articles

Financial Well-Being for Middle Income Americans

Identifying and quantifying specific consumer stressors — in terms of financial, emotional, and physical wellness — informs life insurance marketing efforts and financial advisor successes with middle-income consumers and their families.

Workplace Wellness: Needs and Solutions

Wellness-related benefits and programs can encompass offerings that help address employee financial, physical, or emotional needs.

COVER STORY: Mapping the Contours: A New Topography for Workplace Benefits

Providers, plan sponsors, and employers aiming to meet worker benefit needs have multiple issues to consider and address. This issue’s cover story maps out some of those issues, provides an overview of the trends shaping today’s work¬place, and outlines the evolution of core and emerging benefit products. “Today, people have a heightened sensitivity to their own insurance, retirement, savings, and financial planning needs.”

The Future of Benefits: Today’s Lessons for Tomorrow’s Workplace

An overview of The Hartford’s 2021 Future of Benefits Study, which polled U.S. workers and HR benefits decision makers. Results are presented in terms of bedrock benefits, employee comprehension and holistic well-being, technology, and education. “Employers need to adopt holistic strategies to address the varied needs of their employees, and to under¬stand better how they can lean on their insurance carriers for help.”

The Business Benefits of Paid Family Leave

The United States is the only industrialized country that does not have comprehensive national legislation that guarantees paid family leave for workers. This article examines employer attitudes toward paid leave, perceived costs and benefits, and how carriers can help move employers toward increased paid leave offerings. “Most employers view paid leave as ‘the right thing to do.’”

Aligning Benefits Communication With Employee Preference

How do employees want to communi¬cate with their benefit carriers, and does this align with the options carriers make available? This article presents results of a LIMRA survey of over 2,000 employees enrolled in insurance benefits, looking at their preferences for interaction. “With a plethora of new digital communication methods to choose from — along with more traditional channels such as telephone and mail — carriers must be thoughtful about where they focus their efforts.”

News and Views on Financial Wellness

Based on data from the LIMRA Financial Wellness Executive Task Force, this article explores advisor perspectives of financial wellness, including increased interest in a more holistic approach to financial planning among clients and advisors. “Advisors play a critical role in establishing financial security for their clients, including those who work in the retail, benefits, and retirement markets.”

An Important Angle: Data Privacy Concerns in Financial Wellness Programs

How can provider organizations design effective financial wellness programs that balance person-alization with data privacy and use transparency to build trust with employers and participants? This article — based on executive roundtable discussions sponsored by LL Global and PwC — discusses the critical considerations, and factors that will determine success. “It is important for providers and employers to create effective offerings by balancing personalization with data privacy — providing clarity about data sources, uses, and protections.”

Customer Experience Trends in Workplace Benefits

Generational gaps, employer-employee relationships, and remote work are trends that contribute to ongoing changes in the workplace. Will communication and enrollment strategies of the past continue to work? “To succeed, companies need to understand today’s employee in order to deliver an engaging customer experience.”

Signs of Normalcy: Workplace Life and Disability Premium Forecasts

An infographic storyline of pre-, during, and post-pandemic effects on life and disability premiums, including reasons for industry optimism in these areas, as well as projected in-force premium growth rates for 2021–2023.

Financial Wellness Is the Future

Based on data from the LIMRA Financial Wellness Executive Task Force, this article explores the definition of financial wellness, consumer profiles, and expectations. “Profiling the financial wellness index by personal and household characteristics reveals which consumer segments are most at-risk.”

Protecting Your Family With the Right Amount of Life Insurance

Learn about the financial situation of Americans.

Understanding and Achieving Financial Wellness

What is financial wellness and how can it be achieved?

Employee Financial Wellness Survey: 2020 COVID Update — PwC

The ninth annual survey tracking the financial well-being of time employed U.S. adults in the midst of an unprecedented global health crisis.

COVER STORY — Consumers in Crisis: Understanding In-Service Withdrawals From DC Plans

Is withdrawal behavior changing based on new options available to DC plan participants? This article looks at helping consumers to save for retirement and life, even during times of crisis. “Helping workers manage their retirement savings…will be an integral part of workplace retirement and financial wellness programs moving forward.”

DC Advisor Views: Financial Wellness

How are financial advisors in DC space incorporating financial wellness into their practices? SRI and NMG explored advisor attitudes, opportunities, and resources provided in terms of financial wellness.

COVER STORY: Pivoting to Wellness: Life Carrier Strategies for a New Market

Based on research from LIMRA and BCG, this article explores the question of how life insurers might become partners in people’s efforts to live longer, healthier lives (personally and financially). “Life insurers have an opportunity to play a more holistic role in supporting consumers in protecting their personal and financial health.”

Streamlining Emergency Savings Accounts to Improve Financial Well-Being and Retirement

Individuals often turn to retirement accounts for funds in an emergency. This article discusses possible CARES Act implications, and looks at recent innovations in emergency savings accounts. “The goal of streamlining emergency savings accounts is financially informed employees who have the requisite funds needed to get through future crises.

On-Demand Webinars and Videos

5 in 15: Five Things You Need to Know About Wellness and Work in 15 Minutes

In this webinar, you will learn the 5 things you need to know about wellness and work in 15 minutes.

Is data a plan asset?

Join David Levine, Principal and Co-Chair Plan Sponsor Practice at Groom Law Group as he discusses if data is a plan asset.

Are there aspects of financial wellness programs that create concerns or issues?

Join David Levine, Principal and Co-Chair Plan Sponsor Practice at Groom Law Group as he discusses if there are aspects of financial wellness programs that create privacy concerns.

Understand the role and use of data

Join David Levine, Principal and Co-Chair Plan Sponsor Practice at Groom Law Group as he discusses data’s role in financial wellness.

What are some recent regulatory trends & developments related to data, privacy, & wellness?

Join David Levine, Principal and Co-Chair Plan Sponsor Practice at Groom Law Group as he discusses recent regulatory trends and developments in relation to data, privacy and financial wellness.

What are recordkeeper’s concerns about data in the products and services they provide?

Join David Levine, Principal and Co-Chair Plan Sponsor Practice at Groom Law Group as he discusses recordkeeper’s concerns about data privacy.

How COVID-19 Has Impacted the Retirement Business

In our latest LIMRA Unplugged episode Alison Salka, Ph.D., senior vice president and head of LIMRA Research, chats with Yanela Frias, president of Prudential Retirement, about the challenges pre-retirees are facing and how the industry is working to guide them toward financial wellness.

Pandemics and Predictions: What You Need to Know About the Future of Workplace Benefits and Wellness

1/27/2021 1 - 2 p.m. EST

Wondering how to stay competitive in the changing world of workplace benefits? Learn more about evolving trends and how to prepare for the challenges facing benefits providers.

Financial Wellness in the Time of COVID-19

7/28/2020 1 - 2 p.m.

The growth of — and need for — wellness programs has been increasing for years. The financial, mental, and economic stress created by the recent COVID 19 pandemic and its economic repercussions will only increase this need.

Why Is Financial Literacy So Important?

LIMRA Research Director Alison Salka, Ph.D. and Jamie Ohl, executive vice president and president of Retirement Plan Services for Lincoln Financial Group, discuss the consequences of consumers' lack of knowledge around financial products and services and how the Secure Retirement Institute is working to improve financial literacy.