I am not sure my employer would have MY best interests in mind. A financial planner separate from the 401k company—one that has no vested interest in anything other than my future financial well being. Do not need any help I don’t know if it would be worth my time. A program that is in English, not accounting speak and explains retirement, sound investing and fiscal responsibility EASILY do not need this service I don’t rely on my company for that—they provide a paycheck. Although I am sure there is a market for this, people are not as responsible as they can or should be Doing just fine by myself I don’t trust our financial advisors What Your and hate that our job allows them to even speak. feel im Employees Think on top of this though need to save more don’t need I prefer to be in control i am almost retirement age don’t need about Financial i’d rather my company not have anything to do with my Wellness Programs finances i am lazy Don’t need it it is biased to make money for them, not us I have New resources home that® I have Researchat from Jellyvision yet to read thoroughly. I’d rather finishing these Conducted by Harrisperusing Poll personal resources before obtaining more. Don’t need it It is not free I have the knowledge to manage my own don’t need it It would be nice to have unbiased advisors that are knowledgeable about my particular financial situation I just don’t take the time to do that... Don’t need this my finances are a joint matter between my spouse and me. The term “financial wellness” is too vague. I really dont need their help don’t really know There is nothing my company could provide for financial wellness. inertia don’t think they are needed Too generic and simple it depends what company is offering these benefits. don’t want
Table of Contents Introduction 3 Method 7 General Snapshot
8
Financial Wellness Program Awareness
11
Barriers – Knowledge and Accessibility
13
Barriers – Trust and Privacy
16
Barriers – Stigma
19
Insights on Presentation and Delivery
22
Detailed Findings
29
Want to Learn More
40
About Jellyvision
40
© 2015 The Jellyvision Lab, Inc. All rights reserved.
2
Introduction Hi. We’re Jellyvision. We hate confusion, and we make products to fix it. One of our best known products is ALEX®, an interactive “benefits counselor” that helps employees choose health insurance plans, but we’ve also been known to make interactive products that help people through other big life decisions like saving for retirement, managing finances, and navigating a career.
Our goal was simple: we wanted to find 1,000 full-time, benefits-eligible employees (ages 18 or older) at companies with more than 2,000 employees so we could ask them about their opinions about and experiences with financial wellness programs offered by employers. Our survey was fielded online in June 2015.
Right now, we’re fascinated by the topic of financial wellness programs.
So what did we learn? Lots of fascinating things. We identified a number of positive attitudes and areas of opportunity for employers, as well as some surprisingly negative opinions and feelings that could possibly get in the way of a financial wellness program’s success.
Frankly, we think they’re terrific — and we’re certain that they’re going to do a lot of good for people who could use some guidance in the area of personal finance — but we’ve been around the block a few times, and think we know potential sources of confusion when we see them.
We’ll provide our full report in the following pages, but here are some of our key findings:
We believe factors like financial stress, low financial literacy, confusing jargon, and strong emotions can get in the way of a financial wellness program’s success, but since we can’t go around saying that kind of thing without offering some kind of proof, we decided to ask the nice people at Harris Poll to help us design a survey.
A Wide Gap Exists Between the Appeal of Financial Wellness Programs and Their Perceived Availability While vast majority of employees (86%) say it is important for employers to offer financial wellness programs, fewer than half (46%) say their companies offer them, and somewhat alarmingly to us, 25% of employees say they’re not sure if a program is offered or not.
25%
of employees aren’t sure if their employers offer a financial wellness program.
© 2015 The Jellyvision Lab, Inc. All rights reserved.
3
There’s a High Demand for Resources that Help With Managing and Planning Resources that help employees manage their finances or plan for their financial futures have wide appeal and great potential for use among those who don’t currently have access. In fact, 7 in 10 employees whose company does not currently offer such resources (70%) say they would be very or somewhat likely to take advantage of resources to help them plan for their financial future, and 3 in 5 (60%) say they’d be very or somewhat likely to use resources that would help them manage their personal finances if they were available.
56%
of employees whose company offers a financial wellness program wish their companies’ financial wellness programs used friendlier language.
Employees Want to Use Financial Wellness Resources … in Private Privacy is an essential condition for participation in any employeroffered financial wellness program, and a perceived lack of privacy could even be a barrier to entry. Although nearly 8 in 10 (78%) employees whose company offers a financial wellness program say they trust their employers to keep their financial concerns private, 6 in 10 (60%) don’t want their coworkers to know about their financial wellness program activity, and nearly half (45%) don’t want their companies to know if they’re taking advantage of the available offerings. © 2015 The Jellyvision Lab, Inc. All rights reserved.
70%
of employees without access to resources to help them plan for their financial future say they are very or somewhat likely to use such resources if they were available.
Your Financial Wellness Program Might Be Too Scary to Be Useful The majority of employees whose employers offer a financial wellness program (63%) say they should know a lot more about the programs than they do. A possible factor in the knowledge gap could be the fact that financial wellness programs can be scary. In fact, 56% of employees whose company offers a financial wellness program say they wished the financial resources offered by their companies used friendlier language, and 36% say their companies’ programs are intimidating to use.
60%
of employees don’t want their coworkers to know they’re participating in their company’s financial wellness program.
4
26%
of employees whose company offers a financial wellness program say using financial wellness programs will make them look bad.
Some Employees Believe Using Financial Wellness Programs Will Make Them Look Bad Alongside the strong need for privacy with respect to personal finances, there is a corresponding, modest level of negative associations accompanying participation in employer-provided financial wellness programs. A strong minority of employees (36%) say there is at least a little stigma associated with the programs, and about 1 in 4 (26%) of those employees whose companies offer financial wellness programs believe that using the program resources will make them look “bad.” Compounding the problem is the fact that those who could get the most use from such programs—those who feel a great deal of financial stress (45% vs 27% who do not), those who primarily responsible for their household finances (40% vs. 28% who are not), and younger adults (43% ages 18-34 vs. 31% ages 50+; there is no significant difference among those ages 35-49, 36%)—are especially likely to say there is at least a little stigma associated with the programs.
Certain Words and Phrases Can Cause Employees to Tune Out In light of employees wanting friendlier-sounding financial wellness program language, certain words and phrases should be avoided because they’ll likely cause employees to disengage. The phrases most likely to cause an employee to tune out are “spending habits” (34%), “living within your means” (27%), and “estate planning” (22%). On the flip side, phrases that are likely to cause an employee to take action include “planning for retirement” (59%), “planning for your financial future” (50%), and “maximizing your savings” (50%).
Nearly
1 in 5
employees aren’t comfortable with getting financial help from their employers at all.
© 2015 The Jellyvision Lab, Inc. All rights reserved.
Wording like
“Spending Habits” and
“Estate Planning” turn employees off.
Employees Voice Mixed Comfort Levels on Getting Financial Guidance from Their Employers…. While the majority of employees give their companies a generally high — though not overwhelmingly so — positive rating of comfort for receiving a wide range of support (from legal and financial to medical and emotional), employers may have a hard time promoting their financial wellness resources in certain segments. Only 1 in 5 (20%) employees say they are very comfortable with getting financial help from their employer, and a similar percentage (17%) say they aren’t comfortable with that idea at all. Most employees fall in the lukewarm middle. 5
…. But They’re Open to Getting Help from Outside Vendors Perhaps due to noted concerns over privacy or stigma, more employees would prefer to receive financial wellness information from a neutral third party than from their own employer (44% vs. 26%; 30% have no preference). When you look at employees who don’t currently have access to company-provided financial wellness programs, the preference for third-party providers increases (61% vs. 13%; 26% have no preference), but those preferences become more evenly divided among those whose companies do offer such resources (38% vs. 36%; 26% have no preference).
49% of employees would prefer participating in financial wellness information sessions online.
© 2015 The Jellyvision Lab, Inc. All rights reserved.
61%
of employees without access to a financial wellness program would prefer to get help from a third-party provider.
Finally, the Preference for Online Resources Is Strong The most popular mode of delivery for financial wellness programs is the internet, followed by one-on-one meetings. In fact, 49% of employees would prefer to participate in a financial wellness information session online, 42% via a one-on-one in-person meeting, 30% via an in-person group presentation, 25% via direct mail, and 15% via telephone. Also, 3 in 4 employees (74%) say they would like to make sure someone else has access to their financial wellness materials. Most commonly, they say their spouses/partners (61%), but children (22%), financial advisors (20%), and parents (13%) are also listed.
6
Method The survey was conducted online by Harris Poll on behalf of Jellyvision from June 10 to June 25, 2015. The research was conducted among 1,000 adults employed full-time at a company with 2,000 or more employees and who are eligible for company-provided benefits. Data are weighted where necessary by age, gender, race/ethnicity, region, education, income, and propensity to be online to bring them in line with their actual proportions in the population.
A note about reading the results Responses may not add up to 100% due to weighting, computer rounding, or the acceptance of multiple responses. An asterisk (*) represents a value of less than 1% but greater than 0%, and a dash (-) represents a value of 0%.
© 2015 The Jellyvision Lab, Inc. All rights reserved.
7
General Snapshot Good News! Employees Have Positive Feelings about Financial Wellness Programs
86%
Very important/ Somewhat important
The Vast Majority of Employees Value Financial Wellness Programs Nearly 9 in 10 employees, including those whose companies don’t currently offer financial wellness resources (86%), think it is important for employers to offer financial wellness programs.
How important do you think it is for employers to offer financial wellness programs?
14%
Not very important/ Not at all important
Younger Adults
The Financially Stressed
Younger adults (ages 18–34) are more likely to think it is important to offer financial wellness programs than people above age 50.1
Those suffering from financial stress are more likely to see the importance of financial wellness programs than those who are not.
91%
89%
ages 18-34
feel financial stress
82%
82%
ages 50+
do not feel financial stress
1. T here is no significant difference among ages 35–49, 85%. © 2015 The Jellyvision Lab, Inc. All rights reserved.
8
Financial Wellness Resources Offer Wide Appeal Resources that help employees manage their finances or plan for their futures have wide appeal and great potential for use among those who don’t currently have access to them. In fact, the majority of employees without current access to financial wellness program resources say they’d be likely to use those resources if they existed.
70%
Very/ Somewhat likely
If your company offered resources to help you plan for your financial future, how likely would you be to utilize them? Among those whose company does not currently offer resources to help plan for financial future/employee is not sure n=616
Younger Adults Younger adults are more likely to say they would use resources to help plan for their financial future if they were available than their older colleagues.
86% 66%
ages 35-49
66%
ages 50+
ages 18-34
30%
Not at all/ Not very likely
Head Scratcher #1 note: among those whose companies currently offer such resources, only 38% of employees actually utilize them, possibly highlighting an overestimation among those who do not currently have access.
© 2015 The Jellyvision Lab, Inc. All rights reserved.
9
Financial Wellness Resources Offer Wide Appeal continued 60%
Very/ Somewhat likely
40% If your company offered resources to help manage your personal finances, how likely would you be to utilize them?
Not at all/ Not very likely
Among those whose company does not currently offer resources to help manage personal finances/ employee is not sure n=694
Younger Adults Younger adults are more likely to say they would use resources to manage their personal finances if they were available.
77% 60% 52%
ages 18-34
ages 35-49
ages 50+
Head Scratcher #2 note: among those whose companies currently offer such resources, only 46% of employees actually utilize them, possibly highlighting an overestimation among those who do not currently have access.
© 2015 The Jellyvision Lab, Inc. All rights reserved.
10
Financial Wellness Program Awareness If Employees Don’t Know About Your Financial Wellness Program, Then It Doesn’t Exist 29% No
A Wide Gap Exists between Appeal and Perceived Availability
Does your company currently offer a financial wellness program?
While vast majority of employees (86%) say it is important for employers to offer financial wellness programs, fewer than half (46%) say their companies offer them, and somewhat alarmingly to us, 25% of employees say they’re not sure if a program is offered or not.
n=1,000
46% Yes
25% Not sure
Awareness of Financial Wellness Program Resources Although employees say they value resources that would help them manage their finances or plan for their financial futures, only a minority definitively states that their companies offer them.
42%
33%
Yes
23% Not sure
To the best of your knowledge, does your employer offer resources to help you plan for your financial future?
27%
n=1,000
Not sure
35% No
© 2015 The Jellyvision Lab, Inc. All rights reserved.
Yes
To the best of your knowledge, does your employer offer resources to help you manage your personal finances? n=1,000
39% No
11
Perceptions on What Is and Should Be Offered When compared with other employee benefits like health insurance, 401(k)s and pre-tax savings accounts, financial wellness resources are offered at a lower rate relative to their appeal to employees. Notably, while pre-tax savings plans for both dependent care and parking/transit are offered at similar (or lower) rates as financial resources, employees consider them less necessary.
Health insurance
99% 86%
401(k) plan and/or 401(k) matching
86% 86%
Pre-tax savings account for health care (i.e., FSA or HSA)
73% 64%
Resources to help you plan for your financial future
42% 62%
Resources to help manage your personal finances
33% 50%
Pre-tax savings account for dependent care (adult or child)
66% ages 50+
41% 48%
Pre-tax savings account for parking and/or public transit
25% 32%
66% ages 35-49
■■ Does offer ■■ Should offer n=1,000
© 2015 The Jellyvision Lab, Inc. All rights reserved.
12
Barriers: Knowledge and Accessibility Your Financial Wellness Program Might Be Too Scary to Be Useful The Knowledge Gap Despite placing a high value on financial wellness programs, the majority of employees whose companies currently offer such programs admit to not knowing as much as they should about the offerings.
28%
14%
Strongly agree
Strongly disagree
How much do you agree or disagree with the following statement:
37% Disagree
63%
“I should know a lot more than I do about my company’s financial wellness program”?
23%
Somewhat disagree
Agree
Among those whose company currently offers a financial wellness program n=443
35%
Somewhat agree
Younger Adults This is especially true of those ages 18–34. Seventy-three percent (73%) of younger adults say the should know more about their employers’ financial wellness programs while 51% of their coworkers aged 50 or more feel the same way.2
73% 51%
ages 18-34
ages 50+
2. There is no significant difference among those ages 35-49, 64%. © 2015 The Jellyvision Lab, Inc. All rights reserved.
13
The Scariness Factor There are some clues that the existing information may not be accessible enough for at least some employees and therefore may be hindering participation.
Unapproachable Language More than half of employees whose company currently has a financial wellness program wish their company’s financial resources used friendlier language.
26%
16%
Strongly agree
Strongly disagree
How much do you agree or disagree with the following statement:
44%
56%
“I wish the financial resources my company provided used friendlier language”?
Disagree
Agree
Among those whose company currently offers a financial wellness program n=443
28%
30%
Somewhat disagree
Somewhat agree
General Intimidation Just over a third of those whose company currently has a financial wellness program (in particular younger adults and males) say use of financial wellness programs can be “intimidating.”
33%
16%
Strongly disagree
Strongly agree
How much do you agree or disagree with the following statement:
36%
“It’s intimidating to use my company’s financial wellness program”?
64% Disagree
Among those whose company currently offers a financial wellness program n=443
Agree
20%
Somewhat agree
30%
Somewhat disagree
14
Older Adults
Men
Adults over the age of 50 are less likely to be intimidated by financial wellness programs than their younger colleagues ages 18–49 (19% ages 50+ vs. 47% ages 18-34; 43% ages 35-49).
Males are more likely to find their company’s programs intimidating than their female coworkers (45% vs. 23% female).
47% 43% 19%
45%
ages 18-34
ages 35-49
23%
male
female
ages 50+
Certain Words and Phrases Cause Employees to Tune Out or Take Action In light of employees wanting friendlier-sounding financial wellness program language, certain words and phrases should be avoided because they’ll likely cause employees to disengage. On the flip side, though, there are certain phrases that are likely to cause an employee to take action.
Take Action
If employees received communication from their employer, the most common phrases that would encourage them to take action are:
Tune Out
If employees received communication from their employer, the most common phrases that would cause them to tune out are:
59% Planning for retirement 50% P lanning for your financial future 50% Maximizing your savings
34% Spending habits 27% Living within your means 22% Estate planning
© 2015 The Jellyvision Lab, Inc. All rights reserved.
15
Barriers: Trust and Privacy Privacy Appears to Be a Key Roadblock to Use Employees Demand Privacy Privacy is an essential condition (perhaps even a barrier of entry) for participation in any employer-offered financial wellness program. Most employees whose company offer financial wellness programs (60%) say if they were to participate in such a program, they would not want their colleagues to know, and nearly half (45%) would not want their company to know.
How much do you agree or disagree with the following statement:
60% Agree
“If I participate in my company’s financial wellness program, I don’t want my coworkers to know that I am participating”? Among those whose company currently offers a financial wellness program n=443
40% Disagree
45% Agree
How much do you agree or disagree with the following statement: “If I participate in my company’s financial wellness program, I don’t want my company to know that I am participating”?
55%
Among those whose company currently offers a financial wellness program n=443
Disagree
© 2015 The Jellyvision Lab, Inc. All rights reserved.
16
Employees With Financial Wellness Program Access Do Trust Their Employers While demand for privacy is high, nearly 8 in 10 (78%) employees who do have access to financial wellness programs trust their employers to keep any personal financial concerns private.
78% Agree
How much do you agree or disagree with the following statement: “I trust my employer to keep any personal financial concerns private”? Among those whose company currently offers a financial wellness program n=443
22% Disagree
Financial Wellness Program Users Those who are currently using company-provided resources to help manage their personal finances are more likely to trust their employer to keep any financial concerns private than those who do not use currently available resources (93% vs. 75%).
93% 75%
© 2015 The Jellyvision Lab, Inc. All rights reserved.
currently using resources
not currently using resources
17
Barrier Examples Not wanting their employer to know their financial situation is one of the top three barriers inhibiting employees (both with and without current access to programs) from utilizing financial wellness programs. Among those who don’t use currently available resources to help manage personal finances through their employer, the most
Among those who aren’t likely to use resources to help manage personal finances if their employer were to offer them, the most
common reasons for lack of use are:
common barriers are:
Preferring to let someone else manage their finances
30%
Not wanting employer to know about their financial situation
34%
Not making enough money for the resources to be helpful
29%
Not wanting co-workers to know their financial situation
30%
Preferring to let someone else manage their finances
25%
Not wanting employer to know about financial situation
21%
You said that you don’t currently use resources to help manage your personal finance that are offered by your company. Why not? Please select all that apply. n=198
I prefer to let someone else manage my finances (e.g., spouse, financial advisor, etc.)
30%
I do not make enough money for the resources to be helpful
29%
I do not want my employer to know anything about my financial situation
21%
The resources are/would probably be too complicated for me to understand
19%
I do not want my co-workers to know anything about my financial situation I am afraid to get bad news about my finances
17%
© 2015 The Jellyvision Lab, Inc. All rights reserved.
I do not want my employer to know anything about my financial situation
23%
34%
I do not want my co-workers to know anything about my financial situation
30%
I prefer to let someone else manage my finances (e.g., spouse, financial advisor, etc.)
25%
I do not make enough money for the resources to be helpful The resources are/would probably be too complicated for me to understand I am afraid to get bad news about my finances
10%
Other
You mentioned you are Not at all likely/Not very likely/Only somewhat likely to use resources to help manage your personal finances if offered by your company. Why are you not more likely? Please select all that apply. n=526
Other
21%
13%
6% 18%
18
Barriers: Stigma Slight – but Still Noteworthy – Stigma Arises with Financial Wellness Participation It’s worth noting that a strong minority of employees say there is at least a little stigma associated with using financial wellness programs. And, about one-quarter of those who have programs available (26%) feel actually accessing the programs will make them look “bad.”
These negative perceptions are especially prevalent among those who feel a great deal of financial stress, those who are primarily responsible for their household finances and younger adults. When it comes to believing that participation will make them look bad, men are almost three times as likely as women to feel this way.
Slight – but Still Noteworthy – Stigma Arises with Financial Wellness Participation A strong minority of employees (36%) say there is at least a little stigma associated with using employer financial wellness programs.
7%
Yes, a great deal
36%
5%
At Least Some Stigma
Yes, a lot
Do you think there is any stigma associated with utilizing employer financial wellbeing offerings? By stigma, we mean social shame or disapproval.
24% Yes, a little
n=1,000
The Financially Stressed Those who feel a great deal of stress related to their personal financial situation are more likely to feel a sense of stigma than those who don’t feel financial stress (45% vs. 27%).
64%
45%
No, None
27%
© 2015 The Jellyvision Lab, Inc. All rights reserved.
feel financial stress
do not feel financial stress
19
Slight – but Still Noteworthy – Stigma Arises with Financial Wellness Participation continued Heads of Households
Younger Adults
Those who are responsible for managing all or most of their household finances are more likely to feel a sense of stigma than those who don’t have that responsibility or share the responsibility with someone else.
Employees aged 18-34 years are more likely to feel a sense of stigma than their colleagues aged 50 or more.3
40% 28%
43%
manage finances
do not manage finances
31%
ages 18-34
ages 50+
Some Employees Believe Using Financial Wellness Programs Will Make Them Look Bad Among those who have financial wellness programs available, about 1 in 4 (26%) think participating in their company’s program will make them look bad.
49%
Strongly disagree
How much do you agree or disagree with the following statement:
74%
“Participating in my company’s financial wellness program will make me look bad”?
Disagree
Among those whose company currently offers a financial wellness program n=443
25%
Somewhat disagree
15% Strongly agree
26% Agree
11%
Somewhat agree
3. There is no significant difference among those ages 35-49, 36% © 2015 The Jellyvision Lab, Inc. All rights reserved.
20
Some Employees Believe Using Financial Wellness Programs Will Make Them Look Bad continued The Financially Stressed
Heads of Households
Those who feel a great deal of stress related to their personal financial situation are more likely to think using financial wellness programs will make them look bad than those who don’t.
Those who are responsible for managing all or most of their household finances are more likely to think using financial wellness programs will make them look bad than those who don’t have that responsibility or share the responsibility with someone else.
37%
31%
feel financial stress
manage finances
14% do not manage finances
12% do not feel financial stress
Employees Ages 18-49
Men
Employees between 18 and 49 years of age are more likely to think using financial wellness programs will make them look bad than their colleagues aged 50 or more.
Men are more likely to think using financial wellness programs will make them look bad than their female colleagues.
34%
ages 18-34
35%
35%
ages 35-49
13%
8%
males
females
ages 50+
© 2015 The Jellyvision Lab, Inc. All rights reserved.
21
Insights on Presentation and Delivery Employees Voice Mixed Comfort Levels on Getting Financial Guidance Directly from Their Employers Most Employees Lukewarm About Getting Help from Their Employers The majority of employees give their companies a generally high — though not overwhelming — positive rating of comfort for receiving a wide range of support (from legal and financial to medical and emotional). Only 1 in 5 employees say they feel very comfortable getting financial help — and a similar proportion are not comfortable at all. Rather, most fall somewhere in the lukewarm middle. And notably, fewer employees express comfort getting financial help from their employers than any other type of help or assistance, including legal and medical.
Nearly
1 in 5 employees are not at all comfortable with getting financial help from their employers.
© 2015 The Jellyvision Lab, Inc. All rights reserved.
22
Most Employees Lukewarm About Getting Help from Their Employers continued How comfortable are you getting each of the following from your employer? ■■ Very comfortable ■■ Somewhat comfortable
28% 35%
■■ Not very comfortable ■■ Not at all comfortable
62%
58%
Comfortable
Comfortable
38%
Help choosing a doctor or health care provider
20%
Help managing stress
14% 23%
16%
38%
26%
42%
Not comfortable
Not comfortable
57% Comfortable
37%
20% Legal help
54% 34%
Comfortable
20%
Financial help
17%
18% 24%
43% Not comfortable
© 2015 The Jellyvision Lab, Inc. All rights reserved.
30%
46% Not comfortable
23
Most Employees Lukewarm About Getting Help from Their Employers continued Employees Younger than 50
The Financially Stressed
Employees between the age ages of 18 and 49 are more likely to be at least somewhat comfortable getting financial help from their company than their older counterparts.
Employees who experience a great deal of stress due to their finances are more likely to be at least somewhat comfortable getting financial help from their company that those who do not suffer stress.
60% 58% 45%
58%
ages 18-34
49%
ages 35-49
feel financial stress
do not feel financial stress
ages 50+
Employees with Access to Financial Wellness Programs Are Confident in Their Employers’ Ability to Help Most employees, especially younger adults and those who experience a great deal of financial stress, say they are confident in their employer’s ability to improve their sense of financial wellbeing.
How much do agree or disagree with the following statement: “I am confident in my employer’s ability to improve my sense of financial wellbeing”? Among those whose company currently offers a financial wellness program n=443
65% Agree
35% Disagree
© 2015 The Jellyvision Lab, Inc. All rights reserved.
24
Employees with Access to Financial Wellness Programs Are Confident in Their Employers’ Ability to Help continued Young Adults With Access to Financial Wellness Programs
Financially Stressed Employees With Access to Financial Wellness Programs
Young adults are more likely than those ages 50+ to say they are confident in their employer’s ability to improve their sense of financial wellbeing.4
Employees who experience a great deal of stress due to their finances more likely to be confident in their employer’s ability to improve their sense of financial wellbeing than those who do not suffer financial stress.
74% 55%
72%
ages 18-34
57%
ages 50+
4. There is no significant difference among those ages 35-49, 65% © 2015 The Jellyvision Lab, Inc. All rights reserved.
feel financial stress
do not feel financial stress
23% 25
Employees Prefer Neutral Third Parties as Providers of Financial Wellness Information Currently, more employees (44%) would prefer to receive financial wellness information from a neutral third party than from their own employer (26%) (perhaps due to noted concerns over privacy or stigma).
If you were to receive financial wellness information from your company, from whom would you prefer to receive the information?
Statistically significant differences between subgroups are denoted by capital letters
30%
All Employees
44% 14%
26%
26%
26% A Company Offers Financial Wellness Program (Yes)
B
38%
Company Offers Financial Wellness Program (No)
61%
13%
(A)
36% (B)
■■ A third party (e.g., an outside financial expert or resource hired by your company) ■■ The company (e.g., an HR representative) ■■ I have no preference © 2015 The Jellyvision Lab, Inc. All rights reserved.
26
Employees Prefer Neutral Third Parties as Providers of Financial Wellness Information continued If you were to receive financial wellness information from your company, from whom would you prefer to receive the information?
23% Statistically significant differences between subgroups are denoted by capital letters
37%
C Ages 18-34
■■ A third party (e.g., an outside financial expert or resource hired by your company) ■■ The company (e.g., an HR representative) ■■ I have no preference
40% (D, E)
31%
33% D
41%
E
Ages 35-49
Ages 50+
52% (C, D)
15%
27% (B)
Employees Without Current Access to Financial Wellness Programs Current accessibility appears to play a role in preference for channel of information — for those who do not currently have a company-provided financial wellness program, there is a definite preference for a third-party provider, while those whose company does offer such resources are more evenly divided in their preferences.
© 2015 The Jellyvision Lab, Inc. All rights reserved.
Older Employees Perhaps related to their discomfort getting financial help from their company and lack of confidence in their employer’s ability to improve thetir sense of financial wellbeing, older adults are more likely to prefer a third-party provider than their younger counterparts.
27
The Preference for Online Delivery Is Strong Nearly 1 in 2 (49%) employees would prefer to participate in a financial wellness information session online, 42% via a one-on-
one in-person meeting, 30% via an in-person group presentation, 25% via direct mail, and 15% via telephone.
And what would be your preferred method of participation in a company financial wellness information session? Please select all that apply. n=1000 Online
49%
In-person meeting one-on-one
42%
In-person group presentation
30%
Direct mail Telephone I have no preference Other
25% 15% 10% 1%
Despite Demands for Privacy, Employees Do Want to Share Their Information Although employees do emphasize the need for privacy, they are very much open to the idea of sharing financial wellness program resources with people they select. If their company offered
financial wellness information and resources, 3 in 4 employees (74%) would like someone to have access to the materials, most commonly their spouse/partner (61%).
When/if your company offers financial wellness information and resources, who else, if anyone, would you like to have access to that information? Please select all that apply. n=1000 ANY (NET)
74%
My spouse or partner
61%
My children
22%
My professional financial advisor My parents My friends Someone else None, only the employees should be able to access
© 2015 The Jellyvision Lab, Inc. All rights reserved.
20% 13% 6% 2% 26%
28
Detailed Findings Screening Questions Gender
Across all locations, approximately how many total employees work for your company or organization? If you are not sure, please provide your best estimate.
n=1000 total Male
54%
Female
46%
n=1000 total
Age n=1000 total
2,000 to 3,499
11%
3,500 to 4,999
10%
5,000 to 9,999
23%
10,000 to 14,999
10%
18-24
6%
15,000 to 19,999
7%
25-34
20%
20,000+
40%
35-49
37%
50+
37%
Mean
44.4
Median
45
General Financial Benefit Experience How important do you think it is for employers to offer financial wellness programs? n=1000 total
Regardless of whether or not your company offers it, which, if any, of the following do you feel your company should offer? Please select all that apply. n=1000 total
Very Important/Somewhat Important
86%
Very important
49%
401(k) plan and/or 401(k) matching
86%
Somewhat important
36%
Health insurance
86%
Not Very Important/Not At All Important
14%
64%
Not very important
11%
Pre-tax savings account for health care (i.e., FSA or HSA)
Not at all important
3%
Resources to help you plan for your financial future
62%
Resources to help manage your personal finances
50%
Pre-tax savings account for dependent care (adult or child)
48%
Pre-tax savings account for parking and/or public transit
32%
Does your company currently offer a financial wellness program? n=1000 total Yes
46%
Other
5%
No
29%
None
2%
Not sure
25%
© 2015 The Jellyvision Lab, Inc. All rights reserved.
29
General Financial Benefit Experience continued To the best of your knowledge, does your employer offer each of the following? No
Not sure
Health insurance
n=1000 Yes 99%
1%
*
401(k) plan and/or 401(k) matching
86%
10%
5%
Pre-tax savings account for health care (i.e., FSA or HSA)
73%
15%
12%
Resources to help you plan for your financial future
42%
35%
23%
Pre-tax savings account for dependent care (adult or child)
41%
36%
23%
Resources to help manage your personal finances
33%
39%
27%
Pre-tax savings account for parking and/or public transit
25%
57%
18%
And which of the following do you currently use/take advantage of? Please select all that apply. n=1000 Yes Health insurance
82%
401(k) plan and/or 401(k) matching
76%
Pre-tax savings account for health care (i.e., FSA or HSA)
32%
Resources to help you plan for your financial future
16%
Resources to help manage your personal finances
15%
Pre-tax savings account for parking and/or public transit
9%
Pre-tax savings account for dependent care (adult or child)
9%
None of these
4%
And which of the following do you currently use/take advantage of? Please select all that apply. BASE: Employer Offers Benefit base size varies total 401(k) plan and/or 401(k) matching
89%
Health insurance
83%
Resources to help manage your personal finances
46%
Pre-tax savings account for health care (i.e., FSA or HSA)
44%
Pre-tax savings account for parking and/or public transit
38%
Resources to help you plan for your financial future
38%
Pre-tax savings account for dependent care (adult or child)
22%
If your company offered each of the following, how likely would you be to utilize each of them? BASE: Employer Does Not Offer Benefit/ Employee Is Not Sure If It Is Offered base size varies Very/Somewhat likely 401(k) plan and/or 401(k) matching
87%
Very Somewhat Not at all/Not likely likely very likely 48%
39%
13%
Not very likely
Not at all likely
7%
6%
Resources to help you plan for your financial future
70%
32%
38%
30%
14%
15%
Pre-tax savings account for health care (i.e., FSA or HSA)
66%
19%
46%
34%
18%
16%
Resources to help manage your personal finances
60%
27%
33%
40%
22%
17%
Pre-tax savings account for dependent care (adult or child) 33%
11%
22%
67%
23%
44%
32%
13%
19%
68%
19%
49%
Pre-tax savings account for parking and/or public transit
Note that “health insurance” is not shown as the number of respondents answering (n=13) is too small to report quantitatively. © 2015 The Jellyvision Lab, Inc. All rights reserved.
30
General Financial Benefit Experience continued You mentioned you are not-at-all-likely/not-very-likely/only-somewhat-likely to use resources to help manage your personal finances if offered by your company. Why are you not more likely? Please select all that apply. BASE: Not Likely To Utilize Company Provided Resources To Help Manage Their Personal Finances
total
Results by likelihood to use resources to help manage personal finances Somewhat likely
Not very likely
Not at all likely
n= 526
268
155
103
I do not want my employer to know anything about my financial situation
34%
30%
33%
44%
I do not want my co-workers to know anything about my financial situation
30%
34%
25%
28%
I prefer to let someone else manage my finances (e.g., spouse, financial advisor, etc.)
25%
27%
21%
25%
I do not make enough money for the resources to be helpful
21%
20%
21%
26%
The resources are/would probably be too complicated for me to understand
13%
18%
12%
6%
I am afraid to get bad news about my finances
6%
8%
4%
4%
Other
18%
13%
29%
14%
You said that you don’t currently use resources to help manage your personal finances that are offered by your company. Why not? Please select all that apply. BASE: Doesn’t Use Company Provided Resources To Manage Their Personal Finances n=198 Yes I prefer to let someone else manage my finances (e.g., spouse, financial advisor, etc.)
30%
I do not make enough money for the resources to be helpful
29%
I do not want my employer to know anything about my financial situation
21%
The resources are/would probably be too complicated for me to understand
19%
I do not want my co-workers to know anything about my financial situation
17%
I am afraid to get bad news about my finances
10%
Other
23%
Feelings Toward Employer Provided Financial Wellbeing Resources How comfortable are you getting each of the following from your employer? Very/ Somewhat n=1000 comfortable
Very Somewhat comfortable comfortable
Not at all/ Not very comfortable
Not very comfortable
Not at all comfortable
Help choosing a doctor or health care provider
62%
28%
35%
38%
23%
14%
Help managing stress
58%
20%
38%
42%
26%
16%
Legal help
57%
20%
37%
43%
24%
18%
Financial help
54%
20%
34%
46%
30%
17%
© 2015 The Jellyvision Lab, Inc. All rights reserved.
31
Feelings Toward Employer Provided Financial Wellbeing Resources continued How much do you agree or disagree with each of the following statements? BASE: Company has financial wellness program n=443 Agree
Strongly agree
Somewhat agree
Disagree
Somewhat disagree
Strongly disagree
78% I trust my employer to keep any personal financial concerns private
47%
31%
22%
16%
6%
I am confident in my employer’s ability to improve my sense of financial wellbeing
65%
24%
41%
35%
24%
12%
I should know a lot more than I do about my company's financial wellness program
63%
28%
35%
37%
23%
14%
60% If I participate in my company's financial wellness program, I don't want my coworkers to know that I am participating
28%
31%
40%
23%
17%
I wish the financial resources my company provided used friendlier language
56%
26%
30%
44%
28%
16%
If I participate in my company's financial wellness program, I don't want my company to know that I am participating
45%
22%
22%
55%
33%
23%
It's intimidating to use my company's financial wellness program
36%
16%
20%
64%
30%
33%
Participating in my company's financial wellness program will make me look bad
26%
15%
11%
74%
25%
49%
© 2015 The Jellyvision Lab, Inc. All rights reserved.
32
Feelings Toward Employer Provided Financial Wellbeing Resources continued If you received a communication from your employer about their financial wellness program, which, if any, of the following phrases would cause you to tune out? By tune out we mean, discourage you from wanting to learn more or disregard the communication. Please select all that apply. n=1000 total Spending habits
34%
Living within your means
27%
Estate planning
22%
Making a budget
20%
Tax planning
20%
Managing your debt
20%
Saving for a big purchase or expense (e.g., a house, car, child's college, etc.)
19%
Saving for an emergency
14%
Planning for your financial future
13%
Financial wellness
13%
Maximizing your savings
13%
Planning for retirement
8%
None of these
36%
If you received a communication from your employer about their financial wellness program, which, if any, of the following phrases would encourage you to take action (e.g., learn more or participate in a program). Please select all that apply. n=1000 total Planning for retirement
59%
Planning for your financial future
50%
Maximizing your savings
50%
Financial wellness
37%
Managing your debt
31%
Tax planning
30%
Saving for an emergency
30%
Saving for a big purchase or expense (e.g., a house, car, child's college, etc.)
30%
Making a budget
29%
Estate planning
28%
Living within your means
27%
Spending habits
21%
None of these
13%
© 2015 The Jellyvision Lab, Inc. All rights reserved.
33
Feelings Toward Employee Provided Financial Wellbeing Resources continued If you were to receive financial wellness information from your company, from whom would you prefer to receive the information? n=1000 total A third party (e.g., an outside financial expert or resource hired by your company)
44%
The company (e.g., an HR representative)
26%
I have no preference
30%
And what would be your preferred method of participation in a company financial wellness information session? Please select all that apply. n=1000 total In Person (Net)
57%
One-on-one in-person meeting
42%
In-person group presentation
30%
Online
49%
Direct mail
25%
Telephone
15%
Other
1%
I have no preference
10%
Detailed Information on Company Offerings When/if your company offers financial wellness information and resources, who else, if anyone, would you like to have access to that information? Please select all that apply. n=1000 total Any (Net)
74%
My spouse or partner
61%
My children
22%
My professional financial advisor
20%
My parents
13%
My friends
6%
Someone else
2%
None, only the employees should be able to access
© 2015 The Jellyvision Lab, Inc. All rights reserved.
26%
34
Detailed Information on Company Offerings continued How satisfied are you with the way your company helps you learn about the following programs? n=1000 Very/ Somewhat satisfied
Very satisfied
Somewhat satisfied
Not at all/ Not very satisfied
Not very satisfied
Not at all satisfied
Not applicable
Retirement benefits
78%
38%
40%
19%
11%
7%
4%
Tax savings programs (FSAs, HSAs, HRAs)
69%
31%
38%
21%
13%
8%
11%
Do you think there is any stigma associated with utilizing employer financial wellbeing offerings? By stigma, we mean social shame or disapproval. n=1000 total At Least Some Stigma
36%
Yes, a great deal
7%
Yes, a lot
5%
Yes, a little
24%
No, none
© 2015 The Jellyvision Lab, Inc. All rights reserved.
64%
35
Employment Demographics What is your company’s primary industry? n=1000 total Healthcare and Insurance
13%
Manufacturing
13%
Education
12%
Government
12%
Retail/Online retail
9%
Banking and Finance
5%
Technology Services
4%
Transportation and Warehousing
3%
Accommodation and Food Services
2%
Telecommunications & Service Provider
2%
Engineering Services
2%
Business Services
2%
Military
1%
Wholesale Trade
1%
Administrative Support Services
1%
Arts, Entertainment and Recreation
1%
Pharmaceutical
1%
Travel
1%
Construction (heavy/special trades)
1%
Religious/Non-Profit Organizations
1%
Automotive Services
1%
Printing Trade
*
Real Estate
*
Utilities
*
Mining
*
Research Services
*
Communications
*
Agriculture, Forestry, Fishing, Hunting
*
Legal Services
*
Advertising/Marketing
*
Other Services
3%
Other
7%
Which of the following best describes where you spend most of your time working? n=1000 total Traditional office at company headquarters
34%
Traditional office not at company headquarters (i.e., executive/shared/satellite office)
28%
I don't work in an office (e.g., at a construction site, in retail, laboratory, etc.)
22%
Virtual office (e.g., home office, etc.)
5%
Someplace else
11%
© 2015 The Jellyvision Lab, Inc. All rights reserved.
36
Employment Demographics continued What was your company’s total gross revenue (before expenses, taxes, etc.) for 2014? If you are not sure, please give your best estimate. n=1000 total Less than $200,000
1%
$200,000 to $499,999
-
$500,000 to $999,999
*
$1 million to $2.49 million
1%
$2.5 million to $4.99 million
1%
$5 million to $9.99 million
2%
$10 million to $24.9 million
3%
$25 million to $49.9 million
2%
$50 million to $99.9 million
2%
$100 million to $249.9 million
4%
$250 million to $499.9 million
5%
$500 million to $749.9 million
4%
$750 million to $999.9 million
3%
$1 billion to $1.49 billion
6%
$1.5 billion to $1.99 billion
3%
$2 billion or more
24%
I work for a nonprofit or governmental agency.
22%
Decline to answer
16%
Is your company publicly traded or privately held? n=1000 total Public
48%
Private
27%
Not sure
25%
Financial Outlook How much do you agree or disagree with each of the following statements? n=1000 Agree
Strongly agree
Somewhat agree
Disagree
Somewhat disagree
Strongly disagree
I am confident in my ability to manage 81% my personal finances
36%
45%
19%
14%
4%
I am very knowledgeable about personal finance
75%
26%
49%
25%
21%
5%
My personal financial situation causes me a great deal of stress
50%
22%
29%
50%
28%
22%
I am rarely able to pay my bills and still have money leftover
34%
17%
17%
66%
21%
45%
© 2015 The Jellyvision Lab, Inc. All rights reserved.
37
Financial Outlook continued What does “financial wellness” mean to you? Please select all that apply
Looking towards your financial future, how soon do you envision being financially well?
n=1000 total
n=1000 total
Having retirement savings
76%
I am already financially well
25%
Not living paycheck to paycheck
76%
Within the next year
8%
Having little or no debt
73%
Within the next 5 years
26%
Having an emergency savings fund
70%
Within the next 10 years
11%
Having little or no financial stress
69%
In 10 or more years
6%
Having savings for big purchases (e.g., house, car, child's college, etc.)
53%
Never
10%
I am not sure
15%
Making a good salary
51%
Other
3%
Not sure
2%
Do you currently have any of the following? Please select all that apply. n=1000 total A mortgage
55%
Credit card debt
50%
A car loan
43%
Student loans
24%
Medical debt
19%
Legal debt
6%
Other debt
11%
None of these
13%
Decline to answer
1%
In your household, who is responsible for each of the following? n=1000 I am responsible
Someone else is responsible
The responsibility is shared equally
Managing all or most of your household's finances (e.g., paying the bills, reviewing our budget)
66%
10%
24%
Making all or most of the financial decisions
61%
4%
34%
Do you have money saved or set aside that you could use for unexpected or emergency expenses? n=1000 total Yes
72%
No
28%
© 2015 The Jellyvision Lab, Inc. All rights reserved.
Are you currently saving for retirement? n=1000 total Yes
85%
No
15%
38
Demographics Region
Education n=1000 total
n=1000 total High school or less
19%
East
21%
Midwest
22%
Less than high school
*
South
35%
Completed some high school
1%
West
22%
Completed high school
18%
Attended college or college degree Including yourself, how many people age 18 or older live in your household? n=1000 total 1
19%
56%
Some college, but no degree
17%
Associate Degree
11%
College (such as B.A., B.S.)
28%
Attended graduate school or graduate degree
19%
2
60%
Some graduate school, but no degree
4%
3
13%
15%
4
6%
Graduate degree (such as MBA, MS, M.D., Ph.D.)
5+
2%
Decline to answer
*
Mean
2.1
Job-specific training program(s) after high school
7%
Income How many people under the age of 18 live in your household? n=1000 total
n=1000 total Less than 50K
20%
Less than $15,000
1%
0
61%
$15,000 to $24,999
3%
1
19%
$25,000 to $34,999
5%
2
13%
$35,000 to $49,999
10%
3
4%
4
1%
$50,000 to $74,999
18%
5+
*
$75,000 to $99,999
16%
Decline to answer
1
$100,000 to $124,999
17%
Mean
.7
$125,000 to $149,999
9%
$150,000 to $199,999
8%
$200,000 to $249,999
3%
$250,000 or more
2%
Marital Status n=1000 total Never married
22%
Married or civil union
59%
50K+
Decline to answer
73%
8%
Divorced
7%
Separated
1%
Widow/Widower
2%
White
71%
Living with partner
9%
Hispanic
13%
Black/African American
12%
Asian or Pacific Islander
2%
© 2015 The Jellyvision Lab, Inc. All rights reserved.
Race/Ethnicity n=1000 total
Native American or Alaskan Native
*
Some other race
*
Decline to Answer
1% 39
Want to Learn More? Want to see how our new ALEX: Financial Wellness product can help get your financial wellness program off the ground? Give ALEX expert Josh Fosburg a call at 312.667.0420.
About Jellyvision® Jellyvision is an award-winning technology company whose interactive software talks people through important, complex, and potentially snooze-inducing life decisions — like choosing a medical insurance plan, saving for retirement, or managing finances — in simple, fun, and engaging ways. Our recipe: behavioral science, great writing, purposeful humor, mighty tech, and oregano. Our SaaS employee communication platform, ALEX®, is used by more than 400 companies — including 52 of the Fortune 500 — and helps over 3 million employees make better decisions about financial wellness, retirement savings, and employee benefits. To learn more, visit jellyvision.com and meetalex.com. Follow ALEX® on social media!
© 2015 The Jellyvision Lab, Inc. All rights reserved.
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