Financial Fitness for Life Debuts Annual Financial Wellness Survey Tracking Effectiveness of Financial Education Through Employer-Based Plans
Financial Fitness for Life (FF4L), a company that provides financial education to employees nationwide, has released the results of its first Annual Financial Wellness Survey.
The data shows that on average 50% of employees were spending 2.5 hours of their week on their personal finances while at work. Additionally, over half of the employees do not have a budget or have not reviewed their budget in six months. The survey measured the financial IQ and wellness of 505 full-time employees within 14 organizations across eight industries.
"The financial markets in 2022 evoked various emotions among our employees," said Makila Hennig, Director of Operations at Financial Fitness for Life. "Due to the financial uncertainty, we found that many workers were distracted by their finances during the workday. The introduction of our survey helped us measure specific details about their concerns and provide a personalized plan to help them attain their financial goals and calm their nerves. Additionally, our survey enabled our organization to establish a baseline for evaluating the effectiveness of our efforts to mitigate financial stress."
Other key findings from the survey include:
- 75% of employees are experiencing moderate to extreme financial stress.
- 64% of employees are not adequately prepared for an emergency or unexpected expense.
- Over 80% do not have a will or know how to begin planning their estate.
- Just 27% feel they have adequate insurance coverage.
Retirement readiness is also a concern, with 80% of employees reporting difficulty planning ahead and being on track to meet their retirement goals. However, a silver lining in the report is that most employees understand how to pay off debt effectively and consistently make monthly payments toward it.
Ultimately, the survey revealed that employees want more education on investing basics, estate planning, debt management, insurance coverage, credit score and report monitoring, as well as retirement readiness.
To view the full report and its findings, visit: Annual Financial Wellness Survey
About Financial Fitness for Life
Financial Fitness for Life serves employees nationwide through employer benefits packages with personalized financial coaching combined with engaging technology, delivering financial wellness education that empowers employees to gain control of their financial future.
Advisory services offered through Prime Capital Investment Advisors, LLC. ("PCIA"), a federally registered investment adviser. PCIA: 6201 College Blvd., Suite 150, Overland Park, KS 66211. PCIA doing business as Financial Fitness for Life ("FF4L") and Prime Capital Wealth Management ("PCWM"). Certain services may be provided by affiliates of PCIA.
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