A study of Morgan Stanley’s financial benefits in the workplace highlights evolving attitudes about financial well-being and retirement benefits

  • Employees and HR leaders are becoming more aware of the impact of personal financial well-being on performance in the workplace

  • More than half of employees reported the need to reduce contributions to their long-term savings due to current economic conditions

  • Employees value access to a financial advisor in helping them stay financially fit

New York, 05 October 2022– (work wire) –Morgan Stanley in action Today released the latest results from its second year Case study financial benefits in the workplacehighlighting the economic challenges employees face amid rising inflation and evolving perspectives on financial wellness and retirement benefits:

  • Employees reduce retirement contributions: Due to the economic effects of inflation and/or concerns about recession, 62% of employees reported needing to reduce contributions to their savings, with nearly a third (31%) reducing contributions to 401(k) plans and more than a quarter (26%) Reducing the repayment of debts and loans.

  • Employees citing money-related stress as a performance dampener increased year on year: Nearly 3 in 4 employees (71%) reported that money-related stress negatively affects their work and personal life, up 7% (from 64%) in 2021.

    • Many struggle in silence, with nearly half (47%) of employees reporting either never thinking about reaching out or being unsure if they are allowed to reach out to their employer for help with their personal finances.

    • Among the age groups, millennials (77%) are more likely to say that financial stress negatively affects their work and personal life, up from 69% the previous year.

  • Employees want to work with a consultant: When asked what type of retirement planning would be most beneficial to them, employees identified access to a financial advisor as their best option, at 52%. However, HR professionals list goal-based retirement investment planning as a top priority for employees (47%), followed by access to retirement planning tools and calculators (43%), and linked to the third, access to a financial advisor (40%) and planning workshops for retirement (40%).

  • Retirement Planning – A Plus for Retention: All HR leaders say retirement planning assistance from financial professionals is a priority in employee retention, with 76% citing such support as a top or high priority. Furthermore, 93% of employees also see retirement planning assistance as a priority when choosing a workplace.

said Krystal Barker Buissereth, head of financial wellbeing at Morgan Stanley at Work. “In the face of today’s high inflation and market uncertainty, we believe that accessible smart workplace benefits such as Financial Wellness can be a beacon for employees to find useful tools, financial education, and career guidance.”

“The data shows that employees are struggling to find a balance between long-term savings and immediate needs,” said Anthony Bonnell, head of retirement at Morgan Stanley at Work. “An often-overlooked resource that can change the game, especially in today’s environment, is the financial advisor available through the Workplace Retirement Plan — which can help participants reach financial goals.”

Additional details are available at Morgan Stanley at Work’s State of the Workplace Study, available over here. As part of a series of findings from Morgan Stanley at Work’s second annual study, the company published its findings in financial benefits It will also publish its findings on equity compensation in the coming weeks.

methodology: Data from the Morgan Stanley at Work Employees and Human Resources Leaders Survey comes from a survey of 1,000 adult American employees and 600 corporate HR leaders. The survey was conducted on behalf of Morgan at Stanley at Work using an email invitation and online survey between July 13The tenth and July 19The tenth 2022, by Wakefield Research (www.wakefieldresearch.com).

About Morgan Stanley in action
Morgan Stanley in action Offers a suite of financial solutions, spanning equity compensation through Shareworks and online E*TRADE Equity Edge, and retirement and financial wellness solutions. Morgan Stanley at Work combines cutting-edge planning, Morgan Stanley’s intellectual capital and financial education delivered through multiple channels to enable employees to build a comprehensive plan to achieve their financial goals. Shareworks services are provided by Morgan Stanley Smith Barney LLC, a SIPC member, and its affiliates, Equity Edge Online® employee stock plan solutions are provided by E*TRADE Financial Corporate Services, Inc. , both part of Morgan Stanley at Work and all wholly owned subsidiaries of Morgan Stanley.

About Wealth Management at Morgan Stanley
Morgan Stanley Wealth Management is a leading financial services company that provides access to a broad range of products and services to individuals, businesses and institutions, including investment brokerage and advisory services, financial and wealth planning, cash management, lending products and services, annuities and insurance, retirement and credit services.

About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services company providing a broad range of investment banking, securities, wealth management and investment management services. With offices in 41 countries, the company’s employees serve clients around the world including corporations, governments, organizations, and individuals. For more information on Morgan Stanley, please visit https://www.morganstanley.com/.

Morgan Stanley Wealth Management is the trading name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.

Copyright © 2022 Morgan Stanley Smith Barney LLC. SIPC member.

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Media Relations
Katrina Clay, Katrina.Clay@morganstanley.com
Lindsey Madnick, Lindsey.Madnick@morganstanley.com

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