Conrad Siegel, delivering comprehensive employee benefits and investment advisory consulting recently announced findings from its first Financial Wellness Report. The report was compiled by surveying over 400 people within the region and beyond on different elements of financial wellness and confidence. 

“We talk to people every day about how to maximize their workplace retirement plans, and it's clear there are many obstacles that prevent people from saving effectively for retirement," said Tara Mashack-Behney, Partner & President of Investment Advisory Services at Conrad Siegel. "The data within this report helps shed light on these challenges and how, as an industry, we can support people in ways that promote financial wellness and confidence." 

Key findings within the report include: 

Uncertainty in Retirement Savings: Although many respondents are actively saving for retirement, there remains hesitation about whether these efforts will be enough for a comfortable future.  48% of respondents were only somewhat confident they’d hit their retirement goals while 20% had no confidence they’d be reaching their goals.

Financial Stress and Productivity: Financial anxiety continues to impact a large number of respondents, with many also feeling the effects of their financial situation on their productivity. 45% said that their finances caused anxiety and 26% said that financial stress impacted their productivity. 

The Budgeting Gap: A considerable number of respondents lack a formal budget, highlighting the need for structured financial planning and simple budgeting. 56% of respondents did not have a documented budget in place. 

A Gap in Confidence, Not Practice: While men and women engage in similar financial behaviors, the gap in confidence between the two is notable. Women tend to report lower levels of confidence in managing their finances and reaching retirement goals, despite practicing many of the same financial habits as men. 

“The report confirmed a lot of our assumptions while also revealing some new ideas,” said Catherine Azeles, Partner & Wealth Consultant at Conrad Siegel. “I was particularly encouraged to see women practicing strong financial habits. However, the gap in confidence was notable and motivates us to continue empowering and educating women to manage their money in a way that builds lasting confidence.” 

Conrad Siegel conducted the research to gain deeper insights into individuals' feelings about their finances, the adoption of basic financial practices, and how these emotions, confidence, and practices ultimately affect retirement readiness. 

Recent reports continue to highlight concerns about Pennsylvanians' ability to retire, with AARP noting that over 2 million residents lack access to a retirement plan. Conrad Siegel is actively monitoring regional data and developing new wellness programs for local employers with retirement plans. The firm also continues to expand its Central PA 401(k) offering for employers seeking flexible solutions for their employees, along with wealth management services for those nearing or in retirement. 

For more information on Conrad Siegel, visit conradsiegel.com. To download the full 2024 Financial Wellness Report, visit: https://conradsiegel.com/financial-wellness-report/.

Disclosures:

This material is for informational and educational purposes only. The information contained herein should not be construed as the provision of personalized investment, tax or legal advice. Before making decisions with tax, legal or accounting ramifications, you should consult with the appropriate professionals for advice that is specific to your situation.

All investment advisory services and fiduciary services are provided through Conrad Siegel Investment Advisors, Inc. (“CSIA”), a fee-for-service investment adviser registered with the U.S. Securities and Exchange Commission with its principal place of business in the Commonwealth of Pennsylvania. Registration of an Investment Advisor does not imply any level of skill or understanding. CSIA operates in a fiduciary capacity for its clients. Investing in securities involves the potential for gains and the risk of loss and past performance may not be indicative of future results. Any testimonials do not refer, directly or indirectly, to CSIA or its investment advice, analysis or other advisory services. CSIA and its representatives are in compliance with the current notice filing registration requirements imposed upon registered investment advisors by those states in which CSIA maintains clients. CSIA may only transact business in those states in which it is noticed filed, or qualifies for an exemption or exclusion from notice filing requirements. Any subsequent, direct communication by CSIA with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For additional information about CSIA, please refer to the Firm's Form ADV disclosure documents, the current versions of which are available on the SEC's Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov) and may also be made available upon request.