Retirement guidance tops list of workers’ most-wanted financial perks
Against a backdrop of continuing economic uncertainty, a new report from Morgan Stanley reveals that employees continue prioritize retirement planning support and financial guidance above all other financial benefits.
The annual study from Morgan Stanley at Work found that once again, employees rank retirement guidance and financial guidance as their top choice, followed by financial planning and goals-based retirement investment planning. That’s closely mirrored by HR professionals, who prioritized goals-based retirement investment planning, followed by access to a financial planner, and retirement planning tools and calculators.
According to the fourth annual State of the Workplace Financial Benefits Study, employees participating in their company 401(k) plans value financial guidance more highly than the general population. Seventy-seven percent of these participants expressed a need for financial investment planning support, compared to 68 percent of the general workforce.
Additionally, 82 percent of 401(k) participants feel the need to accelerate their financial planning to compensate for lost time, compared to 72 percent of non-participants. For many, retirement planning assistance is a critical factor when choosing an employer, with 63 percent of retirement plan participants rating it as a top or high priority.
“Our research continues to show that employees make better choices and engage more deeply with their retirement plans when they have access to financial education and guidance—in turn driving business outcomes, such as attracting and retaining talent,” Jeremy France, head of institutional consulting solutions at Morgan Stanley, said in a statement.
“Plan sponsors, providers, advisors, and record keepers
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