Add Financial Stress to the Symptoms—and the Cost—of the Covid-19 Pandemic

Financial stress has increased among American workers as the pandemic has continued, adding to the costs borne by employers. Plan sponsors, financial professionals, and recordkeepers can work together to reinforce the basics of improving financial wellness—it’s what workers are looking for.
Reported by

The COVID-19 pandemic has increased financial stress among American workers

Retirement continues to be a top concern

Financial stress comes at a cost to the employer

Financial wellness programs can help

People want help preparing for retirement with

To learn more about financial stress and how you can help retirement plan participants, please download the full white paper.

John Hancock and Greenwald & Associates are not affiliated and neither is responsible for the liabilities of the other. 

*John Hancock sixth annual Financial Stress Survey, John Hancock and Greenwald & Associates, 2019. A survey of more than 3,500 workers to learn more about individual stress levels, their causes and effects, and strategies for relief.

“The Retirement Plan Services Financial Stress Study” is a commissioned study prepared for John Hancock by Greenwald & Associates.  The seventh annual financial stress survey was conducted from July 28th through August 14th, 2020. An online survey of more than 500 John Hancock plan participants was completed to learn more about individual stress levels, their causes and impacts, and strategies for relief.

“The Retirement Plan Services Financial Stress Study” is a commissioned study prepared for John Hancock by Greenwald & Associates. This information is general in nature and is not intended to constitute legal or investment advice. Greenwald & Associates and John Hancock are not affiliated, and neither is responsible for the liabilities of the other. This report presents the results of research conducted by Greenwald & Associates on behalf of John Hancock. The objectives of this study were to i) Quantify the financial situation and level of financial stress of John Hancock plan participants ii) Determine the key triggers of financial stress iii) Understand the extent to which actions, including actual financial behavior and planning activity, ameliorate stress and Iv) Assess retirement preparation and readiness. It was online survey of 589 John Hancock plan participants. The survey was conducted from July 28 through August 14, 2020 with an average survey length of approximately 19 minutes per respondent. Respondents were located from a list of eligible plan participants provided by John Hancock. All statistical testing is done at .95 and .99 significance levels. The maximum margin of sampling error at the 95% confidence level is ± 4.1%.

The content of this document is for general information only and is believed to be accurate and reliable as of the posting date, but may be subject to change. It is not intended to provide investment, tax, plan design, or legal advice (unless otherwise indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made herein

John Hancock Retirement Plan Services, LLC • 200 Berkeley Street • Boston, MA 02116

NOT FDIC INSURED. MAY LOSE VALUE. NOT BANK GUARANTEED.

© 2020 John Hancock. All rights reserved.

FOR INTERMEDIARY USE ONLY. NOT FOR DISTRIBUTION WITH PLAN SPONSORS OR THE PUBLIC.


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