With Competing Financial Priorities and Stressors, a Majority of Full-time Employees Need More Financial Support, a New Study From Lincoln Financial Reveals

Lincoln Financial (NYSE: LNC) has released a comprehensive Wellness@Work study revealing significant financial challenges among full-time employees.

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09/15/2025 - 01:00 PM EDT

Lincoln experts share how the right benefit strategies can help reduce employees’ financial stress, support their financial well-being and impact an employer’s bottom line.

RADNOR, Pa.--(BUSINESS WIRE)-- New research from Lincoln Financial (NYSE: LNC) shows that in today’s landscape of rising debt, cost-of-living challenges and competing financial demands, financial wellness support has emerged as a key advantage in attracting and retaining top talent. Lincoln's latest Wellness@Work research study delivers insights from more than 2,500 full-time workers spanning industries and generations, exploring their perceptions of retirement readiness, employee benefits and the support they want from their employers on their paths to financial security. Using this data, the company has identified three key benefit strategies that employers can implement to help boost employee financial confidence: strengthen retirement benefits, optimize open enrollment and offer financial wellness tools.

Employers who support their employees with a thoughtfully designed benefits package can see measurable gains in retention and employee appreciation as employees who feel financially secure are twice as likely to express a strong desire to remain with their employer and view their benefits more favorably.¹ The research found that only 50% of workers are very familiar with the benefits their employer offers them, and even fewer knew what each offering was or what options to choose to take full advantage of them.¹ Stories like Jessica Hurley’s – an Illinois mom who faced significant medical debt after a complicated childbirth – are examples that underscore the importance of benefits education and helping employees understand their coverage options.²

“Employees are looking to their employers not just for a paycheck, but for guidance and tools that can help them build financial confidence,” said Jimmy Reid, Executive Vice President, President of Workplace Solutions, Lincoln Financial. “By focusing on the right retirement planning and benefit strategies – and simplifying access to meaningful benefits – employers can foster a more confident, loyal and financially resilient workforce.”

1. Strengthen the retirement benefits package

Only 28% of workers surveyed said they feel highly confident about their retirement readiness, and 45% fear they may never be able to retire.¹ When it comes to retirement, goals are key: employees who have a retirement goal are three times more likely to contribute more to their retirement fund and those who work with a financial professional are two times more confident.¹

Employers can help boost employee retirement readiness and confidence by offering product solutions that align with employee needs, such as guaranteed income solutions, managed accounts and target-date funds. The research showed strong interest in all three solutions across all survey respondents. Of the respondents who do not currently have a guaranteed income solution in their plan, at least 70% said they would be likely to keep it if they were automatically enrolled in one by their employer.¹

The research also showed a significant desire across respondents for personal education and help with benefit decision-making. Only a third (35%) are very confident about determining how much to save, and they share a similar confidence level across other specific issues, like how market volatility impacts their account, how money in the account will be taxed, how much risk to take and how to decide on their investments.¹ Of those surveyed, 82% are interested in working with or are currently work with a retirement consultant. Those who currently work with a retirement consultant feel dramatically more confident about their financial decisions.¹

2. Optimize open enrollment

With 58% of employees across generations indicating they’re in a phase of life where they want to reevaluate their benefits, annual open enrollment is a great opportunity for employers to educate employees about the benefits offered to them, including their retirement plans. Education about the options available can both drive engagement and boost retention.¹ When employees perceive that their benefits are well-managed, about 60% report feeling much more loyal to their employer.¹

Employees are increasingly seeking health benefits that go above and beyond basic medical coverage. With one in five employees currently carrying medical debt, enrolling in supplemental health benefits – such as Accident Insurance, Critical Illness and Hospital Indemnity – can help ease the financial burden of medical events.¹ The research also found that employees who are enrolled in at least one supplemental health benefit have a 5% higher median savings rate for their retirement when compared to those not enrolled.¹

3. Help employees boost financial wellness

Financial stress is widespread, with 78% of workers juggling at least three competing financial priorities.¹ 82% of workers report carrying debt, and 64% say their debt is a problem – an even higher number for younger generations (72% Gen Z and 71% Millennials).¹ When benefits, retirement plans and financial wellness tools are thoughtfully integrated, employees have a clear view of their financial picture – empowering them to make confident decisions and reduce financial stress.

Wellness tools such as Lincoln’s WellnessPATH® offer personalized assessments, goal-setting features and benefit suggestions to help employees manage debt and improve their sense of financial security. Employers can also opt into the employer-sponsored WellnessPATH® Marketplace which provides access to proprietary and third-party financial wellness – from personal insurance, student loan repayment solutions and more – to further support employees on their journey to financial security.

A path forward

Employers have a unique opportunity to help relieve the financial pressures their employees face. By enhancing retirement offerings, making benefits more accessible and comprehensive and offering financial wellness tools, organizations can empower their employees to feel more secure and confident in their financial futures – ultimately help bolster workforce productivity, commitment and loyalty.

About Lincoln Financial

Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2024, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of June 30, 2025, the company had $331 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

¹ Wellness@Work, Lincoln Financial, 2025.

² Lincoln Financial paid Jessica Hurley for the use of her story.