Financial Finesse, the leading provider of unbiased workplace financial wellness programs, announced the release of its latest research report on Trends in Employee Financial Issues for the third quarter of 2013.
The study found that employees’ financial wellness declined in Q3 to a level not seen since Q1 2012. The decline appears to be a result of employees growing more aware of their financial shortcomings in areas outside of day-to-day money management. In fact, employees as a whole slightly improved their financial wellness in the key areas of cash management and debt.
Nearly half (48 percent) of all employees that took a financial wellness assessment in Q3 2013 fell into this age group, up from 44% of all who ran an assessment in Q3 2012.
This group is likely more concerned about their current state of wellness than younger employees due to the fact that they face more immediate challenges in achieving retirement security, sending children to college, and in particular, rising health care costs.
Only 13% of employees age 45 and older have a long-term care insurance policy in place, versus 18% just a year ago, likely due to increased costs of these policies brought on by providers getting out of the market.
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