Hello, America! It’s Financial Planning Month, and according to The Motley Fool, 29% of American workers have less than $1,000 in savings. It’s time to get ahold of personal accounts and who better to help with their finances than the ones who sign their checks. That’s right. It’s our job as employers to give the proper tools; after all, it benefits both employee and employer.
They say money makes the world go ‘round. Unfortunately, it also makes the world a little crazy. Our energy, motivation, and agendas are almost too dependent on it. Results of the Financial Education for Today’s Workforce survey found that four out of five workers said their financial issues are somewhat, very or extremely impactful on their job performance. What can we do, as employers? We can and should offer financial support and education to our employees. It’s what they’re searching for; according to Inc., 62-percent of employees report they would likely take advantage of financial wellness education.
The Financial Education for Today’s Workforce conducted a survey and the results are in. The top three areas for companies to focus their financial education on are:
Increasing participants’ ability to manage money (52%) – What percentage goes to bills? How much of ones check should go to savings? How much should one spend on groceries?
Improving participant asset allocation/retirement investment decisions (42%) – The 401K! Inc. says three out of ten workers admit that preparing for retirement causes them to feel mentally or emotionally stressed. Offer resources to put them at ease.
Increasing understanding of current benefits (42%) – The more educated employees are about their benefits the more they take advantage of all they have to offer. Benefits are tricky business; employees must be educated regularly in order to keep up with changes.
Who doesn’t want to feel embraced? When employers take the opportunity to offer resources to help with financial planning, employees feel rewarded and cared for. What better time than now? Get your employees on the right track, financially, before 2018. Remember, it’s not the load that breaks us down, it’s the way we carry it.