facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog search brokercheck brokercheck Play Pause
%POST_TITLE% Thumbnail

A Crisis of Confidence: Strategies to Help Employees Gain Financial Confidence in 2023.

According to the Employee Benefit Research Institute's 2023 Retirement Confidence Survey of 2,357 Americans, workers’ and retirees’ confidence that they’ll have enough savings to comfortably support themselves through retirement has dropped to levels not seen since the 2008 global financial crisis. The findings show 64% of workers feel “at least somewhat confident,” with only 18% feeling “very confident” as they remain concerned about inflation and the possibility of recession. Employers can deploy several strategies to help.

Support financial literacy. Offer seminars, webinars and educational content on retirement planning, emergency savings and long-term care. Workers may lack confidence in these areas either because they don’t know how to put a financial plan in place or lack the skills to implement one. Plan sponsors can provide education about Social Security benefits, budgeting, debt management, tax planning and leveraging HSAs as a retirement planning vehicle.

Increase employer match. Consider increasing your match or adjusting your match formula to incentivize employees to contribute more to their retirement plan. You could increase the match percentage or the cap. They may well find that with a little extra employer assistance, their financial goals suddenly feel more within reach.

Add auto features. Implement auto-enrollment and auto-escalation to boost participation and contribution rates. These relatively straightforward and hassle-free mechanisms not only simplify retirement saving, but also demonstrate an employer's commitment to their employees' long-term financial security.

Encourage catch-up contributions. Older workers may feel more anxiety about a looming, underfunded retirement. Remind and encourage employees over age 50 to take advantage of the IRS catch-up contribution provision, allowing them to save more as they approach retirement.

Offer one-on-one financial consultations. There can be a great deal of unwarranted shame regarding money missteps, excessive debt, or a lack of retirement preparedness. This can sometimes inhibit employees from seeking assistance by means of group workshops. Encourage participants to meet one-on-one with their dedicated MCF financial advisor who can offer personalized advice and guidance based on their specific circumstances.

Provide holistic support. If employees experience financial stress in addition to a crisis of confidence, it may be affecting their mental and physical health. Educate employees about assistance and support available to them, whether through an EAP, wellness programs or their employer-sponsored health plan.

Given the many monetary stressors facing workers today, organizations need to help workers achieve greater financial health and equip them with tools to bolster confidence that they can achieve a secure financial future. With the right approach, employers can instill hope that no matter where employees are on their financial wellness journey, support is available to help them improve their chance for a secure retirement.



Please contact your MCF Advisors Plan Consultant with any questions or to review your current plan and plan’s offerings.

Download Retirement Times

Return to Plan Sponsor


MCF Advisors, LLC (“MCF”) is a SEC registered investment adviser. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. More information about the adviser can also be found by visiting: https://adviserinfo.sec.gov/firm/summary/130372. The above commentary is for informational purposes only. Information prepared from third-party sources is believed to be reliable though its accuracy is not guaranteed. This is not intended as an offer or solicitation with respect to the purchase or sale of any security. MCF may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by MCF), or any non-investment related content, made reference to directly or indirectly in this blog/newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog/newsletter serves as the receipt of, or as a substitute for, personalized investment advice from MCF. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. MCF is neither a law firm nor a certified public accounting firm and no portion of this content should be construed as legal or accounting advice. A copy of MCF’s current written disclosure statement and customer relationship summary (“Form CRS”) discussing our advisory services and fees continues to remain available upon request. The scope of the services to be provided depends upon the needs of the client and the terms of the engagement. If you are a MCF client, please remember to contact MCF, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services.