Administration August 3, 2002

Workplace Access to Financial Planning Grows

March 20, 2001 (PLANSPONSOR.com) - Over 3/4 of employees have access to financial planning services in their workplace - and more than 70% of the remaining 24% would use them if available, according to a new report from Xylo.
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According to the survey, the financial services provided at work include:

  • 66% retirement planning
  • 50% insurance advice
  • 42% investment advice
  • 20% tax planning
  • 18% – debt management
  • 18% – budgeting / personal finances

Of the employees surveyed without access to financial planning services at work, 71% said they would use some or all of the services, if provided.

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Women were significantly more interested than men in using services if provided, including:

  • tax planning (40% versus 32%)
  • retirement planning (67% versus just 54%)
  • insurance advice (52%, compared to just 39%)

One-quarter of survey respondents believe access to financial planning resources in the workplace would help reduce tax season stress. And over a third (35%) noted that tax season “noticeably increases” stress levels at work.

The survey was administered by Wirthlin Worldwide, and included 1,003 U.S. adults during the period of March 1 – 4, 2001.


 

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