RADNOR, Pa.--(BUSINESS WIRE)--Lincoln Financial Group (NYSE:LNC) announced today that it has launched Lincoln WellnessPATHsm – a financial wellness tool that helps plan sponsors improve employee financial wellness. The tool empowers employees and helps them reach their retirement savings goals.
“Financial wellness is about giving employees the tools and confidence they need to make smarter decisions in every aspect of their lives,” said Sharon Scanlon, head of Customer Experience, Retirement Plan Services, Lincoln Financial Group. “From every day budgeting to goal setting and prioritization, we recognize that people want to understand and improve their current financial state.”
Competing priorities and debt are challenges employees face when trying to plan for the future. Twenty percent of savers admit to putting off retirement saving because of competing priorities such as a mortgage, credit card debt, student and car loans.
Lincoln Financial’s 2017 Retirement Power® Participant Study showed 51 percent of employees are interested in learning how to budget more effectively, and more than 25 percent of retirement plan participants have researched eight or more financial issues, including: prioritizing financial goals; being on track with savings; and expenses in retirement. Likewise, 78 percent of employees wish they had a better understanding of the elements of saving for retirement in their workplace retirement plans and six in ten cite their employer as a top source of information about financial topics.
“Every employee has a different picture of what his or her retirement will look like, so we created multiple paths to help plan sponsors provide the flexibility employees need on their journey toward financial wellness – including actionable web content, on-site personal support and an interactive financial wellness tool,” said Scanlon.
For those who want immediate help with everyday budgeting, goal setting and prioritization, Lincoln WellnessPATHsm helps them improve their financial state right now. After completing a simple quiz, employees are given a wellness score and actionable steps they can follow to improve that score. The tool is easy to use and accessible from the employee’s online account. Lincoln WellnessPATHsm gives employees a clear picture of their finances so they can focus on larger goals, like saving for retirement. In addition, goals like paying off student loans, reducing debt and saving for college can be linked so users can keep track of their progress.
To learn more about this enhanced online experience, watch this video, which walks users through how the Lincoln WellnessPATHsm tool works and helps provide the confidence and actionable steps employees need to achieve financial security in retirement.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help empower people to 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, as well as to 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 $253 billion in assets under management as of March 31, 2018. Lincoln Financial Group is a committed corporate citizen and was named one of the Forbes Best Employers for 2018, is a member of the Dow Jones Sustainability Index North America, and received a perfect score of 100 percent on the 2018 Corporate Equality Index. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn and Instagram. Sign up for email alerts at http://newsroom.lfg.com.
About Retirement Plan Services
For more than 50 years, Lincoln Financial Group’s Retirement Plan Services (RPS) business has been helping savers boost their retirement readiness through employer-sponsored plans. Our retirement plans help employers recruit and retain top talent, while our combination of high-tech and high-touch service creates an engaging customer experience that drives positive outcomes. The RPS business helps people understand how steps they take today can help them get to and through retirement tomorrow. The business serves approximately 1.5 million participants through 20,000 plan sponsors with $68 billion in assets under management as of March 31, 2018.
About the Lincoln Retirement Power® Participant Study
The 2017 Lincoln Retirement Power® Participant Study is based on a national survey of 2,509 full-time workers ages 21 to 70 who have been contributing to their current employer’s defined contribution retirement plan for at least one year – with data weighted by demographics to mirror the total population. Established in 2010, Retirement Power is a platform for research and viewpoints on central issues related to retirement planning. The program seeks to identify forward-thinking ways to help plan sponsors, advisors, intermediaries and participants. As part of the program, Lincoln sponsors both proprietary and third-party research with an emphasis on what drives better retirement outcomes.