NEW YORK–Morgan Stanley at Work has revealed critical insights from its fifth annual State of the Workplace Financial Benefits Study, underscoring how economic volatility is reshaping employee behaviour regarding retirement plans. With more employees looking for financial guidance amidst these uncertain times, it’s vital for companies to reassess their retirement offerings to attract and keep top talent.
Key Points
- Despite consistent 401(k) participation rates at 86%, employees are cutting back on contributions due to economic concerns, especially inflation and recession impacts.
- A significant 39% of workers have reduced their 401(k) contributions, climbing to 48% among Gen Z employees.
- There’s a strong demand for comprehensive retirement guidance, with financial advisors being the top request from employees.
- 69% of HR executives see retirement planning assistance as a crucial factor for employee retention.
- Comprehensive retirement plans are now considered essential for both financial security and talent retention in a volatile economy.
Why should I read this?
If you’re navigating the complex landscape of employee benefits or simply curious about modern retirement trends, this article is a goldmine. It dives into how workers are adjusting their retirement savings and why employers should step up their game. Don’t miss out on understanding how solid retirement support can be a game-changer for attracting and retaining talent in today’s turbulent economy. We’ve done the reading for you—saving you time while keeping you informed!
