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Many employers now see financial wellness as a pillar of overall well-being and have incorporated financial wellness resources into their employee wellness programs. Financial wellness resources can also take the form of education. The post The Importance of Teaching Financial Wellness in 2025 appeared first on Flimp.
Retirement planning is one of the most common employee benefits offered by employers, specifically a 401(k) matching plan. According to a study by SHRM and Morgan Stanley, the most important financial wellness benefit for employees was retirement planning. Here are the 5 best benefits to help retain and attract top talent.
However, in today’s modern workplace, equipping employees with the know-how they need to make informed decisions regarding various aspects of their financial lives is often neglected.
Employers can emphasize this by using 401(k) or other retirement plans. The most common retirement plan is the 401(k) match where the employer grants a certain amount to the plan based on how much the employee contributes. Best Money Moves is a human-centered and individualized approach to financial wellbeing.
There are five basic contributors to financial wellness. Financialcounseling , especially from professionals, can help people understand and manage the first two. What employers offer for insurance and benefits packages is crucial for long-term financial wellness as retirement accounts and employer contributions come into play.
Deferred Profit-sharing Plan: The withdrawal time is set for later, often combined with a 401(k) plan, making it non-taxable at the end of the term. The company increased the number of free general counseling sessions for employees from three to five per year and added 24/7 virtual mental health support through the Twill app.
FinancialCounseling – Connecting employees with Financial Professionals allows them to seek guidance as they experience specific challenges. Those that choose to meet with a counselor can move forward with a road map toward financial stability.
People love employers that support their financial wellbeing with targeted plans and coaching designed to help employees buy a home, complete their education, get married, become a parent, or deal with childcare and education. Supplemental income includes stock options, 401 (k) plans, bonuses, etc.
FinancialEducation and Resources Research indicates that offering financialeducation and resources in the workplace can yield significant benefits for both employers and employees. These experts can delve into topics such as managing credit, creating emergency funds, and setting long-term financial goals.
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