Enabling Solutions Through Insights

2020 SUSTAINABILITY REPORT : Collapsed

CHAPTER 5

Enabling Solutions Through Insights

4 min read Jun 22, 2021

Insight for an Engaged Workforce: MetLife’s 18th Annual U.S. Employee Benefit Trends Study (EBTS)

This year’s annual U.S. EBTS focused on exploring how employees managed work-life stress in the wake of the pandemic and how a holistic approach to well-being, supported by the right programs and benefits, can promote a more engaged, productive, and successful workforce.

As an advocate for the workforce, our goal with these studies is always to help people and organizations navigate uncertainty together and emerge on the other side of the COVID-19 pandemic stronger and more united.MetLife Australia also conducted research to understand the financial, physical, and mental well-being of Australians at the end of March in 2020. In early May, we expanded upon this research, including getting additional data for retail and hospitality, two of the hardest-hit sectors. People were increasingly struggling with their mental health and valuing increased employer support during the pandemic. We turned these insights into practical tips and solutions for our employer clients to use in continuing to provide expanded wellness support for their workforces.

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Aspen Institute Financial Security Program: The Cycle of Saving

With support from MetLife Foundation, Aspen Institute formed the Consumer Insights Collaborative (CIC), are search partnership between several nonprofits, including some that we supported in 2020 such as MyPath, LIFT, Family Independence Initiative, Mission Asset Fund, and Commonwealth. Together, the CIC has explored and published data about the people it serves for practitioner, policy, and philanthropic audiences. In 2020, we supported The Cycle of Savings—a report from the Aspen Institute Financial Security Program that illustrated the importance of the cycle of savings; that is, the ongoing building, using, and replenishing of savings—and understanding how to break down the barriers to successful saving and wealth building. The report also demonstrated other findings, such as the role of a positive savings cycle, how to avoid expensive forms of debt, and how much a family should save to weather an unexpected financial shock. By exploring data, conducting rigorous analyses, and developing a set of insights, these findings inspire more organizations to put their data to use to help people achieve financial health. See the full report here.

Prosperity Now: Addressing Debt in Black/African American Communities

In 2019 and 2020, Prosperity Now worked in partnership with Black/African American-led, community-based organizations, using a human-centered design and insights approach to analyze debt as a feature of racial economic inequity. It provided an important lens through which to explore the effectiveness of programs, products, and services in addressing the socioeconomic status of Black/African American clients. Funded by MetLife Foundation, the research, which concluded its analyses into three reports, looked at debt through all project components—financial coaching, fintech, and debt consolidation—while seeking to understand how the causes and consequences of disproportionate debt can be navigated or negotiated to protect people. These findings were used by financial coaching practitioners and organizations to improve financial services and products to better address debt in Black/African American communities. Applying an equity lens, the project used data to drive focus on the Black/African American demographic, given how they are more adversely affected by debt than any other group because of systemic racial, economic, and wealth inequity.

Change Rougo Survey: MetLife Japan Underlines Mindset Shift Among Seniors

MetLife Japan’s 2020 Change Rougo 47 Prefecture Survey focused on “change in attitude and preparation for rougo” (or post-retirement life), as well as a “shift in values and mindset in the wake of the coronavirus pandemic.” The third annual survey questioned 14,100 men and women aged 20 to 79, in all 47 prefectures, about “rougo.” Over 83.5% of the respondents revealed that they were uncertain about retirement, with money, health, and dementia being cited as primary causes of uncertainty. Over 61% said they regularly save, but not systematically. Given these findings, we continue to work closely with central and municipal governments, academia, and private-sector partners across Japan to increase financial literacy and drive better understanding of health issues to support building a more confident future for Japanese society.

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