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

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: