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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
"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.
“Financial Wellness” is multi-faceted. Explore the interplay of financial, physical, and emotional factors in five financial wellness types.
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.
This research briefing explores the impact that financial, physical, emotional and related wellness factors have on employees and their work.
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.
Balancing personalization and data privacy to create financial wellness programs that resonate with employees.
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.
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.
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.
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.
Financial wellness may be “the hot new benefit”…but what do employers really think about it?
In the wake of COVID-19, can emergency savings accounts prevent retirement plan leakage?
Many consumers struggled with financial health before COVID-19 and the recent economic upheaval has only added to the stress.
Emergency Savings Research
Emergency savings — a need and an opportunity.
Emergency savings — a need and an opportunity.
Recent research shows many Americans do not have an emergency savings. Learn how carriers are developing products to assist with this need.
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.
Wellness-related benefits and programs can encompass offerings that help address employee financial, physical, or emotional needs.
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.”
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 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.’”
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.”
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.”
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.”
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.”
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.
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.”
Learn about the financial situation of Americans.
What is financial wellness and how can it be achieved?
The ninth annual survey tracking the financial well-being of time employed U.S. adults in the midst of an unprecedented global health crisis.
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.”
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.
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.”
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.
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