A recent study completed by Greenwalt Research and the Employee Benefit Research Institute determined that employees are facing significant anxiety and stress when it comes to their financial futures.
Over 1,000 workers in the United States between the ages of 21 and 64 were interviewed for this study. 2 out of 3 employees cited concerns about being worried about their household’s financial wellbeing and their own financial futures. Employees also stated that efforts in the workplace are critical to their physical as well as financial wellbeing.
Just over one third of employees who participated in the study said that their employer offers a financial wellness program, which did indicate an increase from previous studies. However, when it came to furloughed workers, the outlook was less positive. Fewer than 1 in 4 furloughed workers said that their employer’s efforts were very good or excellent when it came to improving their financial or emotional wellbeing. The survey specifically dove into topics, such as traditional defined benefit plans, retirement savings and health insurance and how this affects workers in terms of financial security.
Now is a good time to consider the benefits of comprehensive estate planning and financial planning to update your documents and strategies to adapt to changes in your life and in the world at large. The pandemic has prompted many people to think about how to best protect themselves and their future, so you’re not alone if you’re ready to discuss your options.
If you are curious about planning for your own financial future or have questions about the process, schedule a consultation with an experienced estate planning lawyer to protect your interests.