Survey: Majority of Workers Worry About Credit Card Debt

Groceries and other necessities, not discretionary spending, are the major drivers

Washington, DC (December 10, 2024) – More than three-quarters of American workers say their current level of debt is a problem, with credit card debt being their biggest concern.

The 2024 Workplace Wellness Survey, a joint project of Greenwald Research and the Employee Benefit Research Institute, found that 77% of workers identified credit card debt as a major problem, while 55% cited personal loans or line of credit debt and 49% named medical or health-related debt.

“Many workers with credit card debt are using their credit cards to purchase necessities rather than luxuries,” says Greg Hershberger, Managing Director, Health & Benefits at Greenwald Research. “About half report that groceries and vehicle expenses contribute to that debt, with significant numbers also citing household utilities and non-grocery household necessities. The majority report keeping discretionary spending to a minimum to make sure they can afford it.”

Survey respondents say medical debt is most often related to a health emergency (38%), prescription drugs (38%) or a chronic illness (28%). Another 26% cite mental health care as contributing to their medical debt.

Major findings in the fifth annual Workplace Wellness Survey, which examines worker attitudes toward employment-based benefits as well as financial well-being, include:

Concerns about well-being are trending downward. Concern about mental well-being dropped from 5.8 out of 10 last year to 5.5 this year. Concern about physical well-being fell to 5.7 from 6.2. And concern about overall financial well-being dropped from 6.9 two years ago to 6.3 in 2024.

Concerns about debt levels is strong. Fully 77% see their credit card debt as worrisome, especially since most are using credit cards to cover daily necessities like groceries (52%), vehicle expenses (49%), utilities (36%) and non-grocery household necessities (30%). About 8 in 10 respondents report keeping discretionary spending to a minimum – including eating out/ordering in (29%), leisure travel (28%), entertainment (19%) and luxury goods (11%).

Job satisfaction has remained steady. A majority – 56% – say they’re extremely or very satisfied with their current job, while 31% are somewhat satisfied and 14% are dissatisfied.

Benefit package satisfaction remains steady – but many workers are asking for additional contributions to benefits from their employers. Fully 80% of workers report their satisfied with their benefit packages. Still, 51% say they’d like a bigger employer contribution to those benefits. In addition: 32% would like more benefits or resources to help with their financial well-being; 31% would like more benefits to choose from; 31% would like the ability to use Paid Time Off to “buy” other benefits; 25% would like more benefits or resources to help with their physical well-being or health; 24% want more benefits or resources to help with their emotional well-being or mental health; 21% want more personalized help in selecting benefits, and 19% would like more benefits or resources to help with caregiving for children and/or adults.

Younger workers are more likely to see value in regularly changing employers over the course of their career – 37% of respondents aged 21-34 as opposed to just 22% of those aged 50-64. In addition, younger workers prefer to work for one employer for shorter periods of time – 38% of those 21-34 prefer to work for one employer for two to five years, compared to 17% of those aged 35-49 and 11% of those aged 50-64. Only 12% of younger workers prefer to work for one employer for 21 or more years, compared to 36% of those aged 50-64.

The 2024 Workplace Wellness Survey was conducted with the financial support of AARP, Fidelity Investments, Merck, New York Life, OneAmerica, Evernorth, Mercer, Morgan Stanley, NRECA and Voya Financial.

 

About the Survey

Greenwald Research conducted online interviews with 1,505 full-time and part-time workers ages 21-64, from July 22 through August 18, 2024. The margin of error (at the 95% confidence level) is plus or minus 2.6 percentage points.

Greenwald Research is a leading independent custom research firm and consulting partner to the health and wealth industries that applies creative quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change. By leveraging deep subject matter expertise and a trusted consultative approach, Greenwald offers comprehensive services for weaving rich research stories that answer strategic business questions.

The Employee Benefit Research Institute is a non-profit, independent, and unbiased resource organization that provides the most authoritative and object information about critical issues relating employee benefit programs in the United States.  For more information, visit www.ebri.org.

 

Contact:

Herb Perone
media@greenwaldresearch.com
301-512-7636

34th Annual Retirement Confidence Survey Finds U.S. Military Households Are More Likely in a Better Financial Situation Than Non-Military Households

Military households with higher incomes are also more likely to be confident about retirement prospects than non-military households.

(Washington, D.C.) – A new research report focusing on the retirement prospects and finances of U.S. military households, published today by the Employee Benefit Research Institute (EBRI) and Greenwald Research, found that military households are more likely to have higher assets and less likely to consider debt a problem compared with non-military households. Also, military households with higher incomes are more likely to be confident about retirement prospects than non-military households.

The report, “Military Households and Retirement: Findings From the 2024 Retirement Confidence Survey,” examines the retirement prospects, knowledge, preparations and experiences in retirement for those who are from a military household compared with a non-military household. (Military households are defined as those individuals who have served in the U.S. armed forces or are currently active in the National Guard or Reserve, as well as those who are married or partnered to or widowed by such individuals. The vast majority of the military households have respondents who are veterans or have a spouse who is a veteran).

Key findings in the report include:

  • Military households are more likely to have the highest levels of financial assets and less likely to consider debt to be a problem than non-military households. Forty-nine percent of military households report having $250,000 or more in financial assets compared with 40% of the non-military households having this amount. Fifty-five percent of military households consider debt to not be a problem, while 46% of non-military households consider debt to not be a problem.
  • Military households are more likely to have done various tasks in preparing for retirement than non-military households. In particular, military households are more likely to have thought about how much money to withdraw from their retirement savings and investments in retirement (52% vs. 42%), thought about how they will occupy their time in retirement (68% vs. 58%), calculated how much money they would likely need to cover health expenses in retirement (50% vs. 41%), estimated how much income they would need each month in retirement (63% vs. 54%), and planned for how they would cover an emergency or big expense in retirement (56% vs. 47%) than non-military households.
  • Military households in the higher two income groups ($35,000-$74,999 and $75,000 or more) are more likely to be confident in their retirement prospects than non-military households, but no difference in this confidence is observed among those in the lowest-income group (less than $35,000). Specifically, 89% of military households with incomes of $75,000 or more are confident that they will have enough money to live comfortably throughout their retirement compared with 81% of their non-military counterparts. For the middle-income group, 72% of military households vs. 61% of non-military households are confident in their retirement prospects.
  • Approximately 9 in 10 respondents in military households disagree with the statement that their military service has prevented them from saving for retirement. Furthermore, 71% of respondents from veteran households said they separated from service before military retirement, while 24% retired from the military and 6% medically retired.
  • Military-household respondents are less likely to express concern over various scenarios that could impact Americans’ retirement finances or retirement in general than are non-military households. The scenarios less likely to be of concern to military households include the potentials for rising housing costs, increasing cost of living making it harder for them to save as much money, or having to make substantial cuts to their spending because of inflation.
  • The top four sources of information are consistent across military and non-military households: family and friends; a personal, professional financial advisor; online resources and research conducted on their own; and employer or information received at work. However, military households are significantly more likely than non-military households to say they use non-profit organizations that focus on serving a specific group or community as a source of information, while non-military households are more likely to say that family and friends are a source of information.
  • Military-household retiree respondents are more likely to say that they retired when they planned than non-military household retiree respondents. Among those who retired earlier than planned, the top three reasons cited by both military and non-military household respondents are that they could afford to retire, had a health problem or disability, or there were changes at their company, such as downsizing, closure or reorganization.
  • Military-household retirees are in general positive about their lifestyle. Specifically, 80% of military retirees say their lifestyle is what they expected or better before they retired and 71% say they are having the lifestyle they had envisioned. Non-military retirees have similar feelings about their lifestyle in retirement.

“Military households seem to be in better financial shape and are more likely to be confident in having enough money to last throughout retirement as well as various other aspects about retirement than non-military households. These households are more likely to have saved for retirement, to have done various other tasks to prepare for retirement and to be currently collaborating with a financial advisor. Finally, an overwhelming share of individuals agree that their military service did not prevent them from saving for retirement,” explained Craig Copeland, director, Wealth Benefits Research, EBRI.

The Retirement Confidence Survey is conducted annually by EBRI and Greenwald Research. The 2024 survey of 2,521 Americans was collected online from Jan. 2-31, 2024. All respondents were ages 25 or older. The survey included 1,255 workers, 1,266 retirees and an oversample of 829 respondents from military households (330 workers and 499 retirees). To view a 2024 RCS military households summary report, visit www.ebri.org/retirement/retirement-confidence-survey.

“While individuals in military households appear to be better prepared and more confident in their retirement prospects, many seem to navigate at least one significant change in their careers, as a very high share separate from service before military retirement. The transition requires knowing what to do with their retirement savings, past and future, as they switch careers. While career changes happen to many Americans, it’s certainly imaginable the change for military personnel is more complex and may include learning about a whole new set of retirement and financial wellbeing benefits. While military service can put individuals on a better track, they still face many of the same issues as those who have not served, such as determining when to retire, accumulating and preserving assets, and managing income sources for retirement,” said Lisa Greenwald, CEO, Greenwald Research.

About the Survey
The 2024 survey was made possible with support from American Funds / Capital Group, Ameriprise Financial (Columbia Threadneedle), Bank of America, Empower, Fidelity Investments, FINRA, Jackson National, JPMorgan Chase, Mercer, Mutual of America, Nationwide, National Endowment for Financial Education, PGIM, Principal Financial Group, T. Rowe Price, USAA and Voya Financial.

About Greenwald Research
Greenwald Research is a leading independent research and consulting partner to the health and wealth industries that applies high-quality methods to produce knowledge that helps companies stay competitive and navigate industry change. Leveraging deep subject matter expertise, Greenwald offers comprehensive services for developing impactful research that answers strategic business questions. For more information, visit www.greenwaldresearch.com.

About The Employee Benefit Research Institute
The Employee Benefit Research Institute is a non-profit, independent, and unbiased resource organization that provides the most authoritative and objective information about critical issues relating to employee benefit programs in the United States. The organization also coordinates activities for the Center for Research on Health Benefits Innovation, Financial Wellbeing Research Center, Retirement Security Research Center and produces a variety of leading industry surveys during the year. For more information, visit www.ebri.org.

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For More Information:
Herb Perone
media@greenwaldresearch.com

Survey: Retirement Crisis? Most Retirees Say They’re Doing Okay

Washington, DC (May 29, 2024) – Nearly three in four retirees are confident that they have enough money to live comfortably throughout retirement – with a majority saying they’re living the way they envisioned and spending money how they want to, within reason.

An overwhelming majority of retirees – 71% – told the 2024 Retirement Confidence Survey they’re confident they have enough money to last their entire lifetime.

“The industry likes to talk about a retirement crisis, but the vast majority of retirees report that they are doing OK. It’s important to highlight that retirement doesn’t have to seem so scary. If we made retirement something positive to look forward to, perhaps fewer workers would avoid or dread retirement planning,” says Greenwald Research CEO Lisa Greenwald, whose organization partners with the Employee Benefit Research Institute (EBRI) to produce the annual survey, now in its 34th year. “There’s still about one-quarter to one-third of retirees who may be struggling. That’s an important group to focus on, but it’s not the retirement experience of most.”

This year’s survey, conducted in January, included 1,266 retirees. Among the key findings:

  • 74% of retirees are confident they have enough money to live comfortably throughout retirement.
  • 71% are confident they have enough money to last their entire lifetime.
  • While 35% of retirees say their travel, entertainment or leisure expenses are higher than they expected, nearly four in five say they are able to spend money how they want, within reason.
  • Three in 10 believe their overall lifestyle in retirement is better than expected, and over two-thirds report they are having the retirement lifestyle they envisioned.
  • 70% are confident in Medicare continuing to provide benefits.
  • 65% are confident that Social Security – the top source of income for 91% of retirees – will continue to provide benefits.

Not all the survey findings are encouraging. About one in four retirees say they’d have trouble handling an emergency expense. Another 36% say debt is a problem, and 23% say debt is significantly impacting their ability to live comfortably in retirement.

There remains a disparity between what Americans calculate what they’ll need in retirement and what they’ve actually saved. One-third of surveyed retirees calculated they’d need a nest egg of less than $500k, 53% calculated $500k or more including 32% saying they’d need $1M or more. But in terms of current savings, 64% have less than $500k, 36% have $500k or more including 23% who have $1M or more. Nevertheless, of participants who were able to do the calculation, 57% say they have savings equal to or greater than what they calculated, while 43% have savings less than what they calculated.

More information on the 2024 Retirement Confidence Survey, including the short report, is available online at https://greenwaldresearch.com/rcs/.

About RCS Sponsors
Greenwald Research and EBRI would like to thank the 2024 Retirement Confidence Survey sponsors who helped shape this year’s survey: American Funds/Capital Group; Ameriprise (Columbia Threadneedle); Bank of America; Empower Retirement; Fidelity Investments; FINRA; Jackson National; J.P. Morgan Chase & Co.; Mercer; Mutual of America; Nationwide; NEFE; PGIM; Principal Financial Group; T. Rowe Price USAA, and Voya.

About Greenwald Research
Greenwald Research is a leading independent custom research firm and consulting partner to the health and wealth industries that applies creative quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change. By leveraging deep subject matter expertise and a trusted consultative approach, Greenwald offers comprehensive services for weaving rich research stories that answer strategic business questions. For 33 years, Greenwald has partnered with the Employee Benefits Research Institute to conduct the annual Retirement Confidence Survey.

About the Employee Benefit Research Institute (EBRI)
The Employee Benefit Research Institute is a non-profit, independent and unbiased resource organization that provides the most authoritative and objective information about critical issues relating to employee benefit programs in the United States.

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Contact:
Herb Perone
media@greenwaldresearch.com
301-512-7636

Survey: Overall Satisfaction with Private Health Plans High, But Out-of-Pocket Costs Rub Some High Deductible Plan Enrollees the Wrong Way

Washington, DC (March 7, 2024) – The vast majority of private health plan enrollees are happy with their plans and the care they receive, but out-of-pocket costs for care and prescription drugs are vexing to many with high deductible health plans (HDHPs).

The 19th annual Consumer Engagement in Health Care Survey – conducted during the 2023 open enrollment season in partnership with the Employee Benefit Research Institute (EBRI) – found that 89% of traditional health plan enrollees were somewhat to extremely satisfied with their plans and 93% were satisfied with the quality of health care they received. While 82% of HDHP enrollees reported overall plan satisfaction and 91% satisfaction with quality of care, 24% were dissatisfied with their costs for prescriptions and 42% with their costs for health care services.

“Most respondents cited the network of health care providers, low out-of-pocket costs, low premiums, prescription drug coverage and ease of understanding as the most important elements of a health care plan,” says Greenwald’s Director, Healthcare, Sara Rubinstein. “But HDHP enrollees reported that low premiums were more important to them than low out-of-pocket costs when selecting a plan.”

The new Consumer Engagement in Health Care Survey of 2,020 privately insured adults was conducted between October 16 and December 11, 2023. Its key findings include:

  • Just over 90% of respondents were either extremely or very satisfied (63%) or somewhat satisfied (28%) with the ease of selecting a plan during open enrollment. A similar number were either extremely or very satisfied (59%) or somewhat satisfied (31%) with the information available to help understand health insurance plan choices.
  • About 90% were satisfied with the amount of time they had to choose a health plan and with the materials provided by their employer.
  • Enrollment in health savings account (HSA)-eligible health plans and health reimbursement arrangements appears to have leveled off, registering between 18% and 19% between 2020 and 2023. Enrollment in HDHPs that were not eligible to be paired with an HSA fell from 12% to 9% between 2022 and 2023, down from 15% in 2020.
  • Among respondents who enrolled through an employer, 17% were dissatisfied with the number of health plans they could choose from and 18% were dissatisfied with the availability of affordable health plans.
  • Most enrollees spent an hour or less choosing a health plan – 66% for traditional plan enrollees, 68% for HDHP enrollees.
  • HDHP enrollees are slightly more likely than traditional plan enrollees to have a choice of three health care plans, 31% to 28%.
  • The majority of respondents – 72% – reported that their health plan has not changed in the last two years. 20% of traditional plan enrollees and 11% of HDHP plan enrollees said their plan is better than before. 8% of traditional plan enrollees and 16% of HDHP plan enrollees said their plan is worse than before.
  • Sixty percent of respondents who’ve opened HSAs said they did it to take advantage of employer contributions. 58% said they wanted an account they can use to save and invest for future health care expenses and 52% wanted the tax savings associated with HSAs. Nearly half – 47% – said they would be more likely to accumulate and invest funds in an HSA account if they received an annual review of their HSA balance.

The 2023 Consumer Engagement in Health Care Survey short report of results is available online. The survey was sponsored by the Blue Cross and Blue Shield Association, HealthEquity, Inc., Millennium Trust Company, Segal, TIAA and Voya Financial.

About the Survey

The Consumer Engagement in Health Care Survey (CEHCS) is a survey of privately insured adults conducted by Greenwald Research and the Employee Benefit Research Institute (EBRI). The survey has been conducted annually since 2005. The CEHCS provides reliable national data on the growth of consumer driven health plans and high deductible health plans and their impact on the behavior and attitudes of health care consumers.

The 2023 survey of 2,020 individuals was conducted using Dynata’s online research panel between October 16 and December 11, 2023. All respondents were between the ages of 21 and 64.

The national sample is weighted by gender, age, income, ethnicity, education, and region to reflect the actual proportions in the population. The consumer directed health plan (CDHP) and high deductible health plan (HDHP) samples are weighted by gender, age, income, and ethnicity.

About Greenwald Research

Greenwald Research is a leading independent custom research firm and consulting partner to the health and wealth industries that applies creative quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change. By leveraging deep subject matter expertise and a trusted consultative approach, Greenwald offers comprehensive services for weaving rich research stories that answer strategic business questions. For 33 years, Greenwald has partnered with the Employee Benefits Research Institute to conduct the annual Retirement Confidence Survey.

About the Employee Benefit Research Institute (EBRI)

The Employee Benefit Research Institute is a non-profit, independent and unbiased resource organization that provides the most authoritative and objective information about critical issues relating to employee benefit programs in the United States.

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Contact:
Herb Perone
media@greenwaldresearch.com
301-512-7636

Are Workers Better Off At Home?

By: Sara Rubinstein 2/27/2024

The number of U.S. workers returning to the office is increasing. The results from the 2023 EBRI/Greenwald Workplace Wellness Survey show that six in ten workers never work from home, up from 49% in 2022 and 41% in 2021.

But as workers return to the office, a troubling trend is emerging: Down from six in ten last year, only half of all workers report being extremely or very satisfied with their job overall. Overall health and emotional well-being are also down. Is an increased return to the office having a negative impact on workers?

In-Person vs. Remote Work Trends

When it comes to work-life balance, in-person workers feel worse: only 30% describe it as excellent or very good compared to 45% of remote workers. In-person workers also rate their overall health and well-being worse than remote workers. However, in-person and remote workers do not greatly differ in job satisfaction, with roughly half feeling extremely or very satisfied overall, and nine in ten being likely to stay with their current employer for the next two years.

In general, those who give a low rating regarding their overall health and emotional well-being are less likely to be satisfied with their job. So, if there is a difference in well-being between in-person and remote workers, why isn’t there a difference in job satisfaction? What else could be causing 2023’s decrease in overall job satisfaction?

Perhaps it has to do with when workers returned to an in-person setting. Workers who returned to in-person in 2023 are less likely to rate their well-being highly than those who went back to the office earlier. One hypothesis is that there is a brief reacclimating period that former remote workers must endure before their well-being returns to baseline levels. While this is an intriguing theory, there is still no difference in overall job satisfaction (49% vs. 51% in 2022 and 2021).

We also see that the gap in overall health and emotional well-being between in-person workers and remote workers is closing slightly, suggesting that something other than a return-to-office is responsible for lower health, well-being, and job satisfaction scores in 2023.

If 2023’s job satisfaction decrease is not driven by more employees returning to the office, the question why in-person workers rate job satisfaction on par with remote workers but rate well-being metrics lower still persists. Perhaps the nature of the work being done plays a role. Are workers in industries with fewer remote work opportunities less well?

The Impact of Industry

When the pandemic hit, not every worker could stay at home. Many industries required workers to stay in-person or return earlier than others, including healthcare, education, retail, food, hospitality, manufacturing, construction, transportation, and agriculture. How do these workers feel?

Compared to all others, these industries report worse work-life balance and are less likely to say their financial well-being is excellent or very good. Those in retail, food, and hospitality stand out even among other primarily in-person industries. They are least likely to stay with their employer, report worse work-life balance, are least satisfied with their job overall, and are least likely to say their well-being is excellent or very good. Similarly, healthcare workers also have relatively poor work-life balance and poor emotional and financial well-being. However, healthcare workers are more satisfied with their job overall.

So what does this mean overall? We know that job satisfaction and the well-being of workers is down. In-person workers report worse well-being and more people are returning to an in-person work setting. But their job satisfaction remains unaffected. What else could be causing this decrease? Is there something else happening to these workers that needs exploring? Or is it too soon to see the effects of this shift in work setting? It will be interesting to watch how remote work continues to impact workers’ well-being and job satisfaction overall.

To learn more about worker well-being, please view the 2023 Workplace Wellness Report released by Greenwald Research and the Employee Benefit Research Institute (EBRI) or watch Greenwald Research’s coffee break on workplace wellness.

Employees, Concerned About Inflation and Longevity, Want Income Options in Retirement Plans, Survey Says

But Plan Sponsors Are Concerned About Complexity, Costs, and Choice

WASHINGTON, DC (January 25, 2024) – Concerns about the impact of inflation on their retirement savings is raising fears among employer-sponsored retirement plan participants that they will run out of money in retirement, according to a new survey by Greenwald Research.

The great majority of plan participants – 83% – say their employers should offer in-plan retirement income options, and most believe there should be more than one choice.

The latest consumer and plan sponsor surveys in Greenwald’s In-Plan Insights Program found that more than four in five retirement plan participants are interested in options that provide guaranteed lifetime income, or GLI.

“This year’s survey finds participants prefer a retirement income option that can grow over time, even if the starting amounts are lower,” says Greenwald Research CEO Lisa Greenwald. “Inflation concerns seem to be driving this preference for participants, while sponsors are more torn between lower initial payments that increase with time versus somewhat higher payments that remain steady.

“Most plan sponsors believe income options with GLI would be best for participants,” Greenwald says, “but they have strong concerns about the complexity of those income options and the fees that come with them.”

The survey found that 59% of plan sponsors view in-plan retirement income options as too complex. Nearly one in three are concerned that associated fees will mean higher costs for their companies, while 30% are concerned about the additional administrative work that offering income options would require. Sponsors also remain concerned about ensuring that participants have enough choices of retirement income options on the menu.

Nevertheless, one in three plan sponsors claim they already offer income options, while another 37% say they’re considering offering retirement income options. Asked to explain what income options are available or being considered, sponsors’ responses are often not what the industry would consider a DC plan retirement income option. “While this underscores the need for continued, foundational education on the retirement income category, the interest and perceived need for this type of solution seems quite real,” says study director Eric Sondergeld.

One possible motivator: half of sponsors say they prefer that participants keep their money in their workplace retirement plan at retirement. The survey found that retirement income options make participants twice as likely to keep their money in the plan after they retire – 57%, compared to 28% who want to move their assets out of the plan when they stop working.

“Retirement Income Options” and “Guaranteed Income Options” tied as the top names for the DC income category among both participants and sponsors – emphasizing clarity and simplicity. The category name “In-Plan Annuity Options” ranked last among sponsors. Though 8 in 10 sponsors agree that annuities are an effective “paycheck replacement” in retirement, they speculate that participants will be hesitant due to their reputation. Indeed, half of participants are reluctant to consider annuities in their workplace retirement income plans.

There is some light at the end of the tunnel, however. Three in four participants and nine in ten sponsors find it compelling to know that annuities are the only way to generate GLI and that they have evolved in positive ways.

Other key findings of the latest In-Plan Insights Program consumer and plan sponsor surveys include:

  • 90% of plan participants are concerned about the impact of inflation on their retirement income.
  • Participants’ concern about running out of money in retirement has grown significantly – 76% of responding participants reported that concern this year, up from 70% a year ago.
  • Fully half of plan participants say employers should take at least a moderate level of responsibility for employees’ retirement preparedness, financial security and creating retirement income. Another 47% think employers have some responsibility for the financial security of employees who have retired. Plan sponsors seem to agree – three in four say their company is responsible for helping employees prepare for and generate income in retirement. 68% say they have responsibility for the long-term financial security of retired employees.
  • Almost all sponsors believe a comprehensive retirement income planning program would increase participants’ comfort level with income options, increase the amount participants are willing to contribute, and increase participant utilization of in-plan retirement income options. Three in four sponsors believe retirement income planning programs with access to a human advisor would have greater value than a strictly online planning program.

About the Research

Greenwald’s In-Plan Insights Program is designed to explore the changing landscape of retirement income options in defined contribution plans. The 2023 study included online surveys conducted from September 26 to October 23, 2023 of 1,003 plan participants aged 30-70, with at least half aged 50 or over. Respondents were employed full-time at a company with at least 50 employees, had a personal income of $50,000 or more, and are currently contributing to their employers’ retirement savings plan. It also included surveys of 503 plan sponsors with at least 50 employees. More than 100 of the responding sponsors have 1,000 or more employees. Plan sponsors were surveyed between October 4 and November 18, 2023.

The 2023 In-Plan Insights Program survey reports are available for purchase. Contact Greenwald Research at info@greenwaldresearch.com to learn more.

About Greenwald Research

Greenwald Research is a leading independent custom research and consulting partner to the health and wealth industries that applies creative quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change. Visit greenwaldresearch.com to learn more.

Contact:
Herb Perone
media@greenwaldresearch.com

Video Series: Have We Moved Beyond NPS?

Did you miss our video series? Lisa Weber-Raley, Greg Hershberger, and Doug Kincaid recently sat down to talk about the use of Net Promoter Score (NPS) as a metric in the health and wealth industries. NPS is traditionally asked as “How likely are you to recommend (company name) to your friends and family?” with responses on a 0-10 scale.

The underlying thought tends to be that a high NPS means a happy customer is driving their friends and family to enroll or select them. However, a Greenwald Research survey suggests those kinds of carrier choice or enrollment conversations are not happening: 54% of those with health insurance and 57% with a life/disability policy do not talk to family and friends about picking a carrier, which might be because a sizeable portion of Americans feel a lack of choice in the matter, especially when many obtain their health and ancillary benefits through their employers.

Why, then, do we continue to ask consumers if they would be likely to recommend their {carrier company}?

Our video series explores the following concepts as they relate to NPS:

  • Defining what it is and how it’s currently used
  • Getting to the root of what your organization really wants to measure
  • Measuring how well your organization delivers promises to the end consumer
  • Capturing and examining the “why” behind responses to see what’s really driving changes in score

Watch the Series

Where do you stand on this issue? Let’s talk more about better ways to measure NPS or to figure out the measurement that best works for your organization.

Survey: Market Optimism Makes a Comeback, But There is Lingering Concern About the Direction of the Economy

Remote Work Arrangements Have Major Impact on Retirement Timing and Transition

Washington, DC (December 12, 2023) – An improving economy is restoring consumers’ financial confidence, with nearly half of consumers saying they’re optimistic about their investments (46%). This marks a significant boost from 2022, in which only 31% were optimistic. Read more

The Retirement Confidence of Caregivers

By: Marie Ammar and Sara Rubinstein
10/16/2023 Read more

Survey: Majority of Workers Worry About Household Finances and Debt

Majorities Also Concerned about Workplace Well-Being, Reduced Hours, and Layoffs

Washington, DC (October 5, 2023) – The majority of American workers are concerned about their household’s financial well-being and more than three out of four say their debt level is a problem, according to the just-published Workplace Wellness Survey.

Major findings from the 2023 Workplace Wellness Survey, a joint project of Greenwald Research and the Employee Benefit Research Institute,  identify the major financial stressors as having enough savings for an emergency, paying monthly bills, saving enough for retirement, debt, and job or income security.

The challenge for employers extends beyond workers’ financial concerns. “A third of workers report concern about their emotional well-being or mental health, and half say they often or always feel stressed – and that impacts their performance at work,” says Greenwald Research CEO Lisa Greenwald. “But workers are torn on how well their employer communicates about mental health and work-life balance. Only 37% rate their employer’s communication as excellent or very good, while a nearly equal number – 35% — rate it as fair or poor.”

The fourth Workplace Wellness Survey examines worker attitudes toward employment-based benefits as well as financial well-being, health insurance and retirement benefits issues. Major findings from this year’s survey include:

  • More than half of survey respondents (52%) expressed moderate to high concern over their household’s financial well-being, down from 60% last year, perhaps due to improvements in the overall economy. But majorities say they continue to be concerned about inflation, a possible recession, and rising housing costs. They also worry about the possibility that employers will reduce hours and benefits, cut wages, and lay workers off. More than half of workers (57%) do not feel financially prepared for reduced hours or temporary unemployment.
  • A large majority of workers (76%) consider their level of debt a problem, with majorities specifically citing credit card debt and medical or health-related debt. Nearly half (46%) say a health emergency has contributed to their debt.
  • Just over half (51%) of workers are satisfied with their current jobs, down from 59% last year. A similar number say they are likely to stay with their current employer for the next two years.
  • Nearly eight in 10 workers are at least somewhat satisfied with their employee benefits package, similar to last year. More than half of employees (54%) say a greater financial contribution from their employer would be a valuable improvement to benefits programs – up markedly from 42% last year.
  • Health insurance and retirement plans are cited as the most important benefits, followed by paid time off, dental or vision insurance, and flexible work (hybrid or remote) arrangements.
  • Company culture is cited by 61% of respondents as having the greatest negative impact on their overall well-being. Only 22% say it has a positive impact. Family – cited by 85% – has the greatest positive impact.
  • One in four American workers is an unpaid caregiver to a family member, devoting an average of 21 hours per week to caregiving duties. Of that group, 44% have spent their own money on caregiving expenses, 25% have reduced their work hours, 20% have taken on additional debt, and 18% have reduced the amount they contribute to their retirement savings plan.
  • Nearly seven in 10 workers (68%) agree that their employer has a responsibility to ensure their employees are financially secure and well. An even higher number (79%) believe their employer has a responsibility to make sure employees are mentally healthy and emotionally well, while 74% say that responsibility extends to physical health.
  • Only 44% of workers say their employer offers a financial wellness program, down from 56% last year. Nearly half (47%) say their employers offer health wellness programs. Nearly six in 10 workers rate their employer’s efforts to help their financial well-being as at least good, down slightly from 2022. Regarding employer efforts to help improve emotional and mental well-being, 63% say those efforts are good or better this year, compared to 72% in 2022. Sixty-nine percent rated employer efforts to improve physical well-being as good or better, comparable to last year.

A short report of detailed findings of the 2023 Workplace Wellness Survey are available online. The survey was conducted with the financial support of AARP, Bank of America, Cigna, Fidelity Investments, Mercer, Morgan Stanley, NRECA, OneAmerica, Voya Financial, Merck, New York Life, and Unum.

About the Survey

Greenwald Research conducted online interviews with 1,505 full-time and part-time workers ages 21-64, including 753 caregiver workers, from July 8 through August 1, 2023. The margin of error (at the 95% confidence level) is plus or minus 2.6 percentage points.

Greenwald Research is a leading independent custom research firm and consulting partner to the health and wealth industries that applies creative quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change. By leveraging deep subject matter expertise and a trusted consultative approach, Greenwald offers comprehensive services for weaving rich research stories that answer strategic business questions.

The Employee Benefit Research Institute is a non-profit, independent, and unbiased resource organization that provides the most authoritative and objective information about critical issues relating employee benefit programs in the United States.  For more information, visit www.ebri.org.

Contact:
Herb Perone
herbperone@gmail.com
301-512-7636