Other concerns take front seat in Financial Stress Survey
BOSTON, Sept. 26, 2016 /PRNewswire/ — According to data from John Hancock Retirement Plan Services, more than half of Millennials in the workforce are on track for a financially secure retirement, meaning they would be able to replace 70 percent or more of their incomes after they stop working.1
New solutions, such as employers’ adoption of auto-enrollment2, have helped Millennials begin saving earlier, and that, in turn, has helped to put their retirement savings on course.
These findings come from John Hancock’s annual Financial Stress Survey3, in which Millennials say their top financial worries are repaying college loans, their overall current financial situation, and emergency savings. Retirement is less immediate for Millennials, so it is lower on their list of concerns.
“With Millennials, our challenge is not getting them to join the plan – auto-solutions have done that – but it is to engage them in their broader financial lives,” said Patrick Murphy, president of John Hancock RPS. “Millennials tend to do more of their own research up front, but then they often want to clarify some information, and validate their thinking, so there is still a place for exceptional, one-on-one customer support and expert advice.”
As a plan provider, Murphy added that John Hancock “understands people have different needs as they plan for retirement. Our passion is to help identify and implement solutions to help them achieve their goals and, as a result, reduce or eliminate their financial stress.”
One of those solutions is Morningstar’s HelloWallet financial wellness program4, which John Hancock RPS began offering on its Total Retirement Solution platform in late 2015. HelloWallet helps people to create budgets, analyze their spending and savings trends, and track progress toward their financial goals.
About John Hancock Financial and Manulife
John Hancock Financial is a division of Manulife, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Operating as Manulife in Canada and Asia, and primarily as John Hancock in the United States, our group of companies offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Assets under management and administration by Manulife and its subsidiaries were $718 billion (C$934 billion) as at June 30, 2016. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife can be found here.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found here.
John Hancock Retirement Plan Services: As of June 30, 2016, John Hancock Retirement Plan Services serviced over 57,000 plans with over 2.7 million participants and over $137.8 billion in AUM Assets.
1The retirement readiness data is from John Hancock’s proprietary data warehouse, which holds information from its mid/large-market platform of more than 1.5 million participants and 1,599 plans as of Dec. 31, 2015.
2Source: Millennials (With Jobs) Are Super Saving Their Way to Retirement Published on July 14, 2014.
3In June 2016, John Hancock Retirement Plan Services sponsored a research study, conducted by the respected research firm Greenwald and Associates. We surveyed more than 3,000 workers to learn more about individual stress levels, their causes and impacts, and strategies for relief.
4John Hancock is not affiliated with, and does not guarantee or recommend the products or services of HelloWallet, LLC.