New White Paper Reveals Current State of Employee Financial Wellness

Updated: Dec 17, 2019

Charleston, SC – October 15, 2019 – Today, Questis, a participant management and financial wellness delivery platform, released a new study showing a diverse range of employee attitudes about their financial situation and self-reported behaviors. The analysis of survey results from a random sample of 7,197 employees shows a stark contrast between those who are struggling despite a relatively high income and those who are on track to meet their goals even with a more modest income. Data was collected over a three-year period from adults employed in different industries and geographical locations throughout the United States, typically upon entry to a comprehensive financial wellness program sponsored by their employer. The anonymized respondents were divided into two groups based on their median score on a questionnaire asking about specific behaviors and attitudes around personal finances, together with demographic information.


“What’s striking about the results is that that was very little correlation between an individual’s income and financial wellness score, only .11. Further, roughly 25% of those with median annual incomes of $100,00 or more had below-median financial wellness scores while the same percentage of people with median annual incomes of $70,000 or less had above the median scores,” says Martha Menard, PhD, senior researcher at Questis and author of the white paper. “It’s important to note that in both groups, the self-reported median income exceeded the U.S. Census Bureau’s estimated median income of $61, 372. So a surprising percentage of employees, even those with relatively higher incomes, are still finding it difficult to meet their stated financial goals. And those with higher incomes were 3 times more likely to be frequently distracted by their financial situation."


"A surprising percentage of employees, even those with relatively higher incomes, are still finding it difficult to meet their stated financial goals."

Titled, “Money Matters,” this white paper presented a detailed picture of employee financial attitudes and behaviors. Topics covered include attitudes toward finances and specific behaviors related to spending and saving, debt and credit, managing financial risk, and frequency of financial discussions.


“People know what they need to do to be in better financial shape, but struggle with the specifics of what they need to do to make that happen,” said Steve Wilbourne, CEO of Questis. “All of that starts with technology and that’s what we’re doing - what we’re building - at Questis. The next step is delivery, which is why we work closely with advisors, coaches, and plan sponsors. At this point, they’re the ones who can most directly deliver the tools and support people need to make change happen. Only then will we see the large scale change that we, as a society, need to help people meet their personal financial goals and have a secure retirement. Education alone isn’t going to do it.”


To view and download the white paper, click here.


About Questis

Questis, a configurable technology platform, allows retirement advisors, financial service providers, or employers to easily deliver personalized wellness programs to their plan sponsors and participants/employees. Founded by experienced financial advisory professionals, Questis pairs the power of software with the customization required to fuel behavior change. With seamless integration tools, processes, and human experts, our platform makes financial wellness simple, available to every participant, and scalable. Now, anyone looking to offer financial wellness as a service can do so simply, and customized to their requirements and branding. Learn more at myquestis.com.

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