As workers contend with the rising cost of living and the associated stress of managing their finances, retirement planning is being put on the backburner. A recent study by Lincoln Financial Group, 2023 Wellness@Work. has revealed that 68% of participants say they are saving less than what is needed and 65% say it would be difficult to save more.

Competing financial priorities is a factor, and so is confidence in retirement planning and decision making. Surveyed participants who are confident about their ability to make retirement decisions are two times more likely to be contributing more than 15% of their income to their retirement plans. However, our research found that less than half (44%) of surveyed participants say they are highly confident about making financial decisions in their plan (e.g. choosing investments, contribution rates). Many are unsure what steps to take in the current economic climate, especially navigating inflation and market volatility.

The good news is employees want help, and, more importantly, they know they need help. 62% of surveyed participants would like to receive education about the topics they're less confident about, such as saving and investing decisions, the impact of the current economy and managing through retirement. This is good news for employers. Empowering confident decision-making can help increase participant success, employee loyalty and overall satisfaction; and it's a top motivator for saving more.