NEW YORK, Dec. 9, 2020 /PRNewswire/ -- Employed
Americans' concerns over financial wellness continue to grow as
two-thirds report that it is more important to them now than it was
three months ago, according to a new study released today by
Broadridge Financial Solutions, Inc. (NYSE: BR), a global
Fintech leader. The study also found that over half of Millennial
(51%) and Gen Z (60%) workers expect to postpone their retirement
due to the pandemic and that nearly half (49%) of all respondents
say the state of their financial wellness impacts their overall
happiness.
Over one-third of workers (35%) reported that their financial
wellness benefits were reduced since the beginning of the pandemic.
Gen Z respondents were most impacted by the reduction of financial
wellness benefits (51%), followed by Millennials (34%), Gen X (22%)
and Boomers (19%). Fifty-eight percent of workers would feel
confident in their financial health for three months or less after
losing their job.
Workers who reported reduced financial wellness benefits since
the beginning of the pandemic made material lifestyle adjustments
in order to stay on track to maintain financial goals.
"Now more than ever employees are reliant on their employers to
provide them with the proper tools and resources to meet their
financial goals," said Cindy Dash,
Senior Vice President at Matrix Financial Solutions, a Broadridge
company. "What's very interesting is that two-thirds of respondents
said they would leave their job if an employer took away a
financial wellness benefit that is important to them. In navigating
the aftermath of the pandemic, employers are going to face
increased pressure to provide enhanced financial wellness benefits,
especially if they reduced their offerings during the pandemic. If
not, they will risk losing their valued employees."
What American Workers Need From Employers To Achieve
Financial Wellness
Two-thirds of respondents stated they
would look for another job if their employer took away any of the
financial wellness benefits that are important to them. Seventy-two
percent of respondents say that after salary, financial wellness
benefits are the most important factor for them in deciding to
accept a job offer.
Sixty percent of workers say that the pandemic has caused them
to look much closer at the benefits an employer offers.
When asked about what financial information they would find
beneficial from their employer, responses varied across
generations.
Younger Americans Proactively Planning Their Financial
Future
Despite being the furthest away from retirement, 52%
of Gen Z workers already report that they expect to postpone their
retirement by one to four years. Older generations are less likely
to expect any delay in their retirement due to the pandemic, as 61%
of Boomers and 58% of Gen X respondents do not plan to postpone
their retirement.
The study finds that younger generations are more likely to
believe that having a financial advisor is worth the cost (76% of
Gen Z and 62% of Millennials, compared to 53% of Gen X and 54% of
Boomers). Likewise, 57% of Gen Z workers report that learning about
financial products and financial wellness is intimidating to
them.
Methodology
The Broadridge survey was conducted by The Center for Generational
Kinetics (CGK). A total of 1,250 current full-time employees
completed the survey, which was fielded in September 2020.
For further details on survey methodology, please contact a
Broadridge media representative.
About Broadridge
Broadridge Financial Solutions, Inc.
(NYSE: BR), a $4.5 billion global
Fintech leader, is a leading provider of investor communications
and technology-driven solutions to banks, broker-dealers, asset and
wealth managers and corporate issuers. Broadridge's infrastructure
underpins proxy voting services for over 50 percent of public
companies and mutual funds globally, and processes on average more
than U.S. $8 trillion in fixed income
and equity securities trades per day. Broadridge is part of the
S&P 500® Index and employs over 12,000 associates in 17
countries.
For more information about Broadridge, please visit
www.broadridge.com
Media Contacts:
Matthew
Luongo
Prosek Partners
+1 646.818.9279
mluongo@prosek.com
Tina Wadhwa
Broadridge Financial Solutions
+1 917-526-2332
Tina.Wadhwa@broadridge.com
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SOURCE Broadridge Financial Solutions, Inc.