Nearly All Employed U.S. Adults Focused on Improving Finances as a Result of COVID-19

Rhea-AI Summary

Lincoln Financial Group (NYSE:LNC) reports a shift in U.S. financial engagement due to COVID-19, with 79% of full-time employed adults changing their financial planning approach. 93% are motivated to improve their finances. To meet this demand, Lincoln introduces WellnessPATH®, a financial wellness tool for Group Benefits customers, facilitating employee financial management. The tool includes personalized assessments and resources, addressing financial stress, which impacts employee productivity. As 39% of workers cite money concerns hindering performance, financial wellness programs are now essential for employers.

Positive

• Launch of WellnessPATH®, enhancing employee financial wellness.
• Addresses financial stress impacting employee performance and productivity.
• Supports employers in offering essential financial management tools.

Negative

• None.

COVID-19 has altered almost every aspect of daily life, yet a positive trend has emerged: Americans are more actively engaged in their finances. Research from Lincoln Financial Group (NYSE:LNC) shows that 79% of full-time employed U.S. adults say COVID-19 has changed the way they think about planning for their financial future, and 93% say that the pandemic has motivated them to take one or more specific actions to improve their finances.¹

With this increased emphasis on financial wellness, Lincoln Financial is offering Lincoln WellnessPATH® to its Group Benefits customers, enabling employers to more easily provide their employees the tools they need to manage their money and safeguard their finances. This impactful tool is now available to Lincoln Financial’s Group Benefits employer clients and is an expansion of the service currently available to Retirement Plan Services’ plan sponsor clients.

“We know that employees across the U.S. are more focused than ever on their finances, but they need help navigating the challenges they are facing,” said Jamie Ohl, executive vice president, president, Workplace Solutions, head of Life and Annuity Operations, Lincoln Financial Group. “By partnering with employers to offer personalized financial wellness tools, together we can help more Americans take charge of their financial futures.”

Nearly two-thirds of full-time employed U.S. adults say it is important for employers to offer financial wellness programs,² and nearly a quarter report that they look to their employers more often for benefits information, as compared to before COVID-19.³ And for employers, financial worries can lead to decreased engagement and lower productivity, with 39% of employees saying money concerns keep them from doing their best at work.⁴ As a result, financial wellness solutions are no longer a “nice-to-have” option, but an essential need for America’s workforce.

Saving, Spending, Debt and Protection: How Lincoln WellnessPATH® can help

Lincoln WellnessPATH is an online tool featuring personalized, actionable steps to help employees set financial goals and learn tips and tricks for better money management. Within the tool, individuals take a brief quiz and are then given a personalized financial wellness score that is divided into four categories: spending, protection, debt and saving. Lincoln WellnessPATH then helps users set and track progress toward their short- and long-term goals through:

• To-do lists for the short term
• Personalized goals for the long term
• Resources and a library of educational articles

These simple steps can help manage financial stress, which has a significant impact on employees and employers. More than half of U.S. adults (51%) say financial stress has negatively impacted their personal health and/or performance at work,⁵ and a quarter (26%) of those who’ve seen an impact at work say they have trouble reaching their goals at work because of concerns about money.⁶

“Our Workplace Solutions Group is committed to helping drive positive outcomes for employers, employees and their families,” said Ohl. “Not only will this new financial wellness solution help employees better understand their options, protect their finances today and secure their tomorrow, it can also lead to a more engaged and better prepared workforce.”

Lincoln WellnessPATH is just one part of the company’s robust benefit and protection offering to customers. Lincoln Financial is committed to offering new and innovative products and solutions, virtual enrollment capabilities, mental health resources and remote workforce guidance. The company continues to expand its benefits technology partnerships to increase enrollment education and implementation and make it easier to do business with Lincoln Financial while lessening the administrative burden on customers.

About Lincoln Financial Group

Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $303 billion in end-of-period account values as of December 31, 2020. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Dedicated to diversity and inclusion, we earned perfect 100 percent scores on the Corporate Equality Index and the Disability Equality Index, and rank among Forbes’ World’s Best Employers, Best Large Employers, Best Employers for Diversity, and Best Employers for Women, and Newsweek’s Most Responsible Companies. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.

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¹ Lincoln Financial, COVID-19 Sentiment Tracking Study, 7/1/20-7/14/20
² Lincoln Financial, COVID-19 Sentiment Tracking Study, 7/1/20-7/14/20
³ LIMRA Consumer Sentiment Survey (May 2020)
⁴ Willis Towers Watson 2019/2020 Global Benefits Attitudes Survey, February 2020
⁵ 2019 Lincoln Financial Focus: Goals and Reflections of the Modern Consumer
⁶ 2019 Lincoln Financial Focus: Goals and Reflections of the Modern Consumer

LCN-3449943-021121

View source version on businesswire.com: https://www.businesswire.com/news/home/20210218005915/en/

FAQ

What is Lincoln Financial's new product related to financial wellness?

Lincoln Financial has launched WellnessPATH®, a tool designed to enhance employee financial wellness.

What percentage of U.S. adults have changed financial planning due to COVID-19?

79% of full-time employed U.S. adults report that COVID-19 has changed their financial planning.

How does financial stress affect employee productivity according to Lincoln Financial?

39% of employees state that financial concerns prevent them from performing their best at work.

What actions are motivated by the pandemic regarding personal finances?

93% of Americans say the pandemic has motivated them to take specific actions to improve their finances.

Why are financial wellness programs important for employers?

Financial wellness programs are essential as they help employees manage financial stress, which can negatively impact productivity.