Employees Prioritize Retirement Planning Support and Financial Guidance, According to Morgan Stanley Report
In a world where economic uncertainty continues to loom large, the importance of retirement planning and financial guidance cannot be overstated. A recent report from Morgan Stanley sheds light on just how crucial these benefits are to employees, with retirement planning support topping the list of desired financial benefits.
The annual State of the Workplace Financial Benefits Study from Morgan Stanley at Work found that employees consistently prioritize retirement guidance and financial planning above all other benefits. This sentiment is echoed by HR professionals, who also recognize the importance of goals-based retirement investment planning and access to financial planners.
Interestingly, the study reveals that employees participating in company 401(k) plans place an even higher value on financial guidance compared to the general workforce. This highlights the growing need for support in navigating complex financial decisions, especially when it comes to planning for retirement.
It’s clear that employees are feeling the pressure to accelerate their financial planning efforts, with many looking to make up for lost time. This sense of urgency is reflected in the fact that a majority of 401(k) participants feel the need to fast-track their financial planning, underscoring the importance of having access to resources and tools that can help them make informed decisions.
Jeremy France, head of institutional consulting solutions at Morgan Stanley, emphasizes the role that financial education and guidance play in helping employees make better choices and engage more effectively with their retirement plans. This not only benefits individuals in planning for their future but also has a positive impact on businesses by attracting and retaining top talent.
Despite some improvements in economic conditions, the study also reveals that many employees are scaling back their contributions to workplace financial accounts. This trend underscores the need for ongoing support and education to help employees navigate financial challenges and make informed decisions about their retirement savings.
As we navigate the ever-changing landscape of the economy, it’s clear that retirement planning and financial guidance will continue to be top priorities for employees. By investing in resources and support that empower individuals to make sound financial decisions, businesses can not only support their employees’ financial well-being but also drive positive outcomes for their organization as a whole.