The research also found that 36% of employees have less than three months of income saved in case of emergency and that absenteeism is 29% higher among employees who do not have enough emergency savings. As a result, plan sponsors are going beyond savings and working with advisors on implementing other programs to improve employees’ overall financial wellness.
The study found that 56% of sponsors said they offer financial wellness programs, and 59% saw them as very impactful for employees.
The 2019 Plan Sponsor Attitudes Study was conducted in February with Harris Insights and Analytics, an independent market research company. It included 1,252 plan sponsors on behalf of Fidelity.