Renée McGowan, CEO, Asia, discusses the Healthy, Wealthy, and Work-wise initiative – how to live longer and live well.
Healthy, Wealthy and Work-Wise is Mercer’s initiative that equips all decision makers – governments, employers and individuals – with the insights, data and technology-driven solutions needed to create personalized plans and benefits to meet all employee’s needs. We are bringing together experts to help people around the world live the life they want to today, and secure the quality of life they desire tomorrow.
Mercer’s Healthy, Wealthy and Work-Wise: The New Imperatives for Financial Security examines the forces profoundly impacting how people live, work and save. Download the global and country research reports to see where financial security risks are the greatest. The research was conducted in 12 countries, with 7,000 adults and 600 senior leaders from private and government sectors and identifies critical imperatives for financial security in the areas of health, action, technology and structures.
Join us to explore what leaders believe will be the biggest advancements impacting how people live, work and save — including structural and technological changes needed to address the financial security gap of at-risk segments.
Health is Vital to Wealth
Our latest paper, Health is Vital to Wealth looks into how companies can support the health of an aging workforce. Download the paper here.
Companies are going to need older employees to meet talent shortages and to share their unique combination of knowledge, skills and experience. Since older workers will be a key part of the workforce in the decades to come, they must safeguard their most important asset – their health.
“Health is particularly important when relying on staying healthy to work as long as necessary – and when it comes to enjoying a desired quality of life in later years”
– Renée McGowan,
- 60% say they are at least somewhat stressed about their financial situation
- 40% say their health causes them financial stress
- Individuals ranked being in good health number 1 for a good lifestyle in retirement
- Business leaders, by contrast, ranked personal savings as most important and ranked health much lower (in fifth place)
Technology: Driving a Revolution in Financial Fitness
The future of financial security is digital.
We have been exploring the role technology can play in boosting savings. Our paper can be downloaded here. Technology: Driving a Revolution in Financial Fitness, examines why smart companies are using technology to deliver an employee experience that empowers the workforce and improves the physical and financial well-being of individual employees and their families.
Online financial tools are flourishing
- 85% of adults are interested in online financial tools
- Two-thirds are comfortable managing their savings using mobile banking, online tools or smart apps compared to only 36% being comfortable with robo-advisors.
- People want do-it-yourself technology tools that are easy-to-use, secure and personalized that empower them to make their own decisions.
- 79% trust their employers to deliver sound advice on planning, saving and investing.
Time to Retire Retirement
With increasing life expectancies around the world, the customary retirement age is becoming a thing of the past. People are expecting to work well past traditional retirement ages – whether to cover living expenses or to maintain a sense of purpose and meaning in their later years.
- People expect to spend 15-20 years in retirement, but without better planning, many will outlive their income.
- 2 out of 3 adults expect to live past 80, but only 1 in 3 are confident they will have enough money to afford to do so.
- 68% of people globally don’t ever expect to retire or expect to keep working after retirement.
- 86% say that continuing to develop professional and personal capabilities is important.
Recap from Davos 2018
On January 24th, 2018 at the World Economic Forum’s annual meeting in Davos, Switzerland, Mercer’s President and CEO Julio Portalatin and Global Leader for Individual Wealth, Renée McGowan convened leaders from the public and private sector to explore new approaches addressing financial security and to closing the long-term savings gaps.
Watch a replay of the live stream with guests; Joan Lamm-Tennant, Chief Executive Officer and Founder of Blue Marble Microinsurance a for-profit social enterprise, Joyce Russell, President of Adecco Staffing US, and Debra Whitman, Chief Public Policy Officer for AARP, and Senator the Hon Mathias Cormann, Minister for Finance, Australia.
Martine Ferland, President, EuroPac and Co-President, Health, discusses how technology can support employees through their full lifecycle.
Mercer's Ilya Bonic, President of Careers, describes how technology is the key to enhancing the employee benefit experience.
Watch the full replay of Healthy, Wealthy and Work-Wise: New Imperatives for Financial Security Breakfast
By Renée McGowan. Published on 29 August 2018 on BRINK.
By Martine Ferland. Published on 11 July 2018.
By Renee McGowan. Published on 10 January on WEF.org as part of the World Economic Forum Annual Meeting.
CEO Julio Portalatin discusses what increasing life expectancy means for the world's retirement systems.