Morgan Stanley at Work State of the Workplace Financial Benefits Study Highlights Evolving Stances on Financial Wellness and Retirement Benefits

  • Employees and HR leaders are more aware of the impact of personal financial well-being on workplace performance

  • More than half of employees said they are having to reduce contributions to their long-term savings due to the current economic conditions

  • Employees value access to a financial advisor the most to stay financially fit

NEW YORK, October 05, 2022–(BUSINESS WIRE)–Morgan Stanley at Work today released the latest findings from its second annual State of the Workplace Financial Benefits study, which highlights the economic challenges workers face amid high inflation and evolving views on financial well-being and retirement benefits:

  • Employees cut pension contributions: Due to the economic impact associated with inflation and/or concerns about a recession, 62% of workers say they have had to reduce contributions to their savings, with nearly a third (31%) reducing contributions to their 401(k) plans, and more than a quarter (26%) limit paying down their debt and loans.

  • Employees reporting money-related stress as a barrier to performance increased year over year: Nearly 3 in 4 workers (71%) say money-related stress negatively impacts their work and personal life, an increase of 7% (from 64%) in 2021.

    • Many struggle in silence, with almost half (47%) of workers reporting that they have either never thought of contacting them or are unsure if they can turn to their employer for help with their personal finances to obtain.

    • Among age groups, Millennials (77%) are the most likely to say financial stress is having a negative impact on their work and personal lives, up from 69% a year ago.

  • Employees want to work with a consultant: When asked what type of retirement plan would be most beneficial to them, 52% of employees cited access to a financial advisor as their top choice. However, HR professionals rank goal-based retirement planning as the top priority for employees (47%), followed by access to retirement planning tools and calculators (43%) and thirdly access to a financial advisor (40%). Retirement planning workshops (40%).

  • Retirement provision – a plus for loyalty: All HR leaders say having financial professionals help with retirement planning is a priority to retain employees, with 76% naming this help a top or high priority. Additionally, 93% of employees consider retirement support a priority when choosing a job.

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“Employees look to their employers for the resources and support they need to navigate personal financial challenges – challenges that have a real impact on their professional and personal success, both day-to-day and long-term,” said Krystal Barker Buissereth, Head of Financial wellbeing at Morgan Stanley at work. “Particularly with today’s high inflation and market uncertainty, we see that smart and accessible workplace benefits like financial wellness can be a beacon for employees to find helpful tools, financial education and professional advice.”

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“The data makes it clear that employees are struggling to find a balance between long-term savings and immediate needs,” said Anthony Bunnell, head of retirement at Morgan Stanley at Work. “An often overlooked resource that can change the game, especially in today’s environment, is the financial advisor available through your company pension plan – who can help participants achieve their financial goals.”

For more details, see Morgan Stanley at Work’s State of the Workplace study, available here. As part of a series of results from Morgan Stanley at Work’s second annual study, the company released its financial benefits results and will also release its equity return results in the coming weeks.

Methodology: Morgan Stanley At Work Employees Survey and HR Leaders Survey data is from a survey of 1,000 US employed adults and 600 corporate HR leaders. The survey was conducted on behalf of Morgan at Stanley at Work using an email invitation and an online survey between July 13thth and July 19th 2022, from Wakefield Research (www.wakefieldresearch.com).

About Morgan Stanley at work
Morgan Stanley at Work offers a range of financial solutions that includes Equity Compensation through Shareworks and E*TRADE Equity Edge Online, Retirement and Financial Wellness Solutions. Morgan Stanley at Work combines state-of-the-art planning with Morgan Stanley’s intellectual capital and financial literacy delivered through multiple channels to enable employees to create a holistic plan to achieve their financial goals. Shareworks services are provided by Morgan Stanley Smith Barney LLC, a member of SIPC, and its affiliates, and Equity Edge Online® stock plan solutions are provided by E*TRADE Financial Corporate Services, Inc., both of which are part of Morgan Stanley at Work and all wholly owned subsidiaries of Morgan Stanley.

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About Morgan Stanley Wealth Management
Morgan Stanley Wealth Management is a leading financial services company providing individuals, businesses and institutions with access to a wide range of products and services, including brokerage and investment advisory services, financial and wealth planning, cash management and credit products and services, and annuities and insurance , pension and trustee services.

About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services company offering a wide range of investment banking, securities, wealth management and investment management services. With offices in 41 countries, the company’s employees serve clients worldwide, including corporations, governments, institutions and individuals. For more information about Morgan Stanley, visit https://www.morganstanley.com/.

Morgan Stanley Wealth Management is the trading name of Morgan Stanley Smith Barney LLC, a United States registered broker-dealer.

© 2022 Morgan Stanley Smith Barney LLC. Member SIPC.

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media work:
Katrina Clay, [email protected]
Lindsey Madnick, [email protected]

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