The great need for financial wellness education in the workplace suggests individuals did not get this information from school or home, but I doubt that is true for everyone.
Findings in a Buck survey demonstrate that a failure to creatively invest in employee wellness can result in many adverse consequences for the success and sustainability of a business.
And public sector employers are more likely than their peers to offer a full range of benefits.
However, they have less saved than young men, and twice as many young men as women reported having investment accounts, according to a Schwab survey.
The solution uses new digital technology to help employees assess their individual financial wellness needs.
Its Education Center now covers seven life priorities; it has bundled its educational resources by topics; and when participants meet with financial wellness specialists, they are given a personal consultation action checklist.
PwC has identified findings about money personalities and behaviors that can influence how employers tailor their approach to financial wellness programs.
The International Foundation of Employee Benefit Plans found employers are providing education on a variety of topics, but the top five most common topics covered in employer-sponsored financial education programs include retirement plan benefits, pre-retirement financial planning, budgeting, investment management and retiree health care.
To help allay their fears, MetLife has issued the first of four white papers on financial wellness.
A research report says "financial education delivered to employees around the age of 40 will optimally enhance savings at retirement close to 10%. By contrast, programs that provide one-time education can generate short-term but few long-term effects.”
Nearly half would like a digital retirement coach, an Accenture survey found.
When American workers were asked how helpful further education would be to achieve their goals, a large majority expressed the need for additional financial education.
Cerulli Associates suggests that if retirement plan sponsors position managed accounts as a valued service it could alleviate concerns about costs.
Forty-three percent of Millennials say they need help managing saving for retirement, while 40% want help with good general savings habits.
This demographic is more apt to be behind in saving for retirement and worried about making ends meet, they report.
It seems that many adults are struggling with basic finances—budgeting, paying off debt and saving.
Seventy-nine percent of employees indicate they have experienced an increase in health care costs, and of those, 63% say they are reducing the amount they are saving for retirement, a survey finds.