Financial Wellness

Mop Or Flop?

Eight in 10 employees would rather clean their house than their finances this spring

A new study conducted by Lincoln Financial reveals how employees can dust off those financial matters and commit to improving their financial wellness, one step at a time.

RADNOR, Pa. (April 12, 2022) — Your cluttered garage, dirty stove, bathroom tile and streaky windows can wait. While a new study conducted by Lincoln Financial (NYSE: LNC) found that eight in 10 employees would rather clean their house than their finances[1] this spring, prioritizing a deep clean of your finances can provide a fresh start to the season and a secure financial future.

“While many employees know they want to take actions to improve their financial wellness, it can feel overwhelming to know where to start,” said Sharon Scanlon, senior vice president, Customer Experience, Producer Solutions and Retirement Plan Services Operations, Lincoln Financial Group. “By taking it one step at a time, just like you would tackle one room at a time when spring cleaning, you can make small improvements that will set you up for future success.”

Freshen Up Your Finances With These Tips From Lincoln Financial

Kitchen: Research showed that 78% of employees would rather scrub their kitchen appliances than figure out how much life insurance they need.

  • Start at the kitchen table. Have a conversation with your loved ones or a financial professional to set expectations and pick the right recipe (and ingredients, like the right benefits) to make sure you are protecting your family for the future.

Bedroom: Lincoln Financial found that 74% of employees would rather clean out their closet than review their 401(k) investments.

  • Don’t let your worries keep you up at night. Close the closet door and sleep well knowing you are saving enough for the retirement you envision. Leverage dashboards and calculators in your employer-sponsored retirement plan to determine how much you will need to save for a secure retirement and take advantage of the options available to you, like in-plan guaranteed income, to ensure your savings will last a lifetime.

Exterior: Research showed that 65% of employees would rather wash their home’s windows than meet with a financial professional.

  • Sometimes getting an outside perspective makes things a bit clearer. Financial professionals can help you see the path ahead, create a holistic financial plan and explore financial products that can help secure your future, like life insurance, annuities and long-term care solutions.

Home Office: Lincoln Financial found that 57% of employees would rather dust off every shelf than calculate how much they will need in retirement.

  • Dust more than your knick-knacks. Reach out to your HR or benefits team for more information on the benefits and resources your workplace offers, which are much more than just knick-knacks that collect dust on a shelf. From a retirement plan to services like Hospital Indemnity and Disability, these products can help protect you and your family from financial burden. Even taking a simple step, like increasing your retirement plan contribution or setting a savings goal, can have positive long-term impacts.

Bathroom: In most cases, employees preferred spring cleaning their homes over their finances, except for when it came to their bathrooms. Lincoln Financial found 58% of employees would rather create a detailed budget than scrub their grout and tile with a toothbrush.

  • Start off the season with a clean slate. With more motivation to create a budget than scrub the bathroom, take the initiative and tap into financial wellness and budgeting tools that may be available to you today — and make sure your budget includes savings, to ensure you are maximizing the power of compound interest.

“Keeping your finances tidy is key to achieving a secure financial future,” says Sharon Scanlon. “While cleaning offers immediate results, it’s just as important to set aside time to analyze your finances. Ensuring you have the right benefits today while planning and saving for tomorrow may take more time, but the results are worthwhile and can last a lifetime.”

To learn more about keeping your finances tidy, and additional products, tools and financial services designed to help, visit lincolnfinancial.com.

 

 

 

[1] Lincoln Financial and Civic Science, Spring Cleaning and Personal Finances, February 2022