2021 Retirement Survey Report Executive Summary

A commitment to supporting employee financial stability and sustainability has gained momentum within many healthcare organizations. Recognizing the precariousness of employees’ financial safety nets due to the impact of COVID-19, employers have intensified their already growing focus on financial wellbeing and understand that carefully selected and communicated benefits can help the workforce plan for the unexpected.

According to Gallagher’s 2021 Retirement Survey Report – U.S. Edition, 67% of employers have either launched a formal financial wellbeing program (37%) or are considering this benefit (30%). From an industry standpoint, those that already offer financial wellbeing opportunities range from 26% in healthcare to 52% in manufacturing and 53% in financial services. Looking ahead, many employers are addressing the financial health of their workforce and how to implement a holistic financial wellbeing program that not only helps employees save and invest for retirement but also better manage their budgeting, debt management, and emergency funds.

The 2021 Retirement Survey Report benchmarking highlights how COVID-19 has altered the retirement timetable for many employees. Data was collected from 277 organizations in an online survey conducted between August and September 2020. The report provides insights into how organizations responded to the impact of COVID-19, including managing their fiduciary responsibilities, limiting fiduciary liabilities, evaluating plan design, addressing employee financial stress, and more. Looking ahead, many employers are addressing the financial health of their workforce and how to implement a holistic financial wellbeing program that not only helps employees save and invest for retirement but also better manage their budgeting, debt management, and emergency funds.

How do your current benefits offering address financial wellbeing and what resources or programs could you consider adding? Download Gallagher’s 2021 Retirement Survey Report Executive Summary to gain insights from your peers.

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