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This encompasses both work-related benefits such as understanding how to maximize employer contributions into their 401(k)s or choosing the right investment options when it comes to their pension plans as well as learning how to manage their personal finances in more efficient and effective ways.
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.
Nevertheless, most people feel pessimistic about the economy in general and their own finances in particular. Unfortunately, nearly everyone is currently experiencing some level of financial anxiety. According to a recent survey by Capital One and The Decision Lab : 77% of Americans say they are anxious about their financial situation.
Consider these 5 suggestions for bringing financial wellness to your workforce in 2022, as well as why these steps are good for employers as well as employees. According to a 2021 Capital One CreditWise survey , 73 percent of Americans rank their finances as the most significant source of stress in their life.
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.
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.
💡 45% of workers say their finances pose a distraction at work. Source : PwC ) What is financial wellbeing? Financial wellbeing refers to being secure and in control of your finances, both in the present and future. Supplemental income includes stock options, 401 (k) plans, bonuses, etc.
Employees who have access to financial education and tools, including videos, classes, and coaching, are more likely to increase savings and feel less overwhelmed by debt. These programs not only support individuals in managing their day-to-day finances but also contribute to their long-term financial security.
Nearly two-thirds of Americans don’t think their finances will improve this year , and three-quarters are anxious about their financial situation. Related: Five Financial Wellness Ideas for Your Employee Wellness Program. Subject line: Roth vs. Traditional 401(k): Which Is Right for You? Will I lose it all?”
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