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Last week, I attended the virtual 2021 AFCPE (Association for FinancialCounseling and PlanningEducation) Symposium for financialeducators, planners, counselors, coaches, researchers, and content creators worldwide. Couples need to develop a money management process that works for both individuals.
LearnLux LearnLux is a comprehensive financial wellness platform that provides personalized financial guidance and education. It empowers users to make informed financial decisions through interactive lessons, budgeting tools, and retirementplanning calculators.
Offer competitive, matched retirementplanning options. Retirementplanning 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 retirementplanning.
According to a study conducted by the Department of Labor, only 40% of Americans have calculated the amount they need to save for retirement. Employers can emphasize this by using 401(k) or other retirementplans. Employers that utilize these plans are desirable to potential new hires. Reach out for a demo today!
This can be achieved in the following ways: Tailored offerings: By identifying the areas that can best serve their employees, organizations can offer tailored content to meet their financial needs. Meanwhile, smaller organizations may focus on topics like debt management and budgeting to support the unique challenges of their workforce.
Financial wellness programs are expanding to include personalized financialplanning, budgeting tools and educational resources. Other opportunities include student loan assistance, debt management programs, and employee assistance programs that provide financialcounseling.
Financial Wellness Programs Financial stress can significantly impact an employee’s performance and satisfaction. Paid Time Off and Parental Leave Generous paid time off (PTO) policies and parental leave options are highly valued perks.
Support comes in a variety of ways, and education can be a powerful tool for HR professionals. In our previous blog posts , we delved into recession planning and navigating economic uncertainties from a company perspective. Now, let’s shift our focus to a topic that hits closer to home for every employee: financial wellness.
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.
Employee assistance programs (EAPs) provide confidential counseling services to help employees navigate personal and work-related challenges. These programs often cover a range of issues, from stress management to financialcounseling.
FinancialEducation and Resources Research indicates that offering financialeducation and resources in the workplace can yield significant benefits for both employers and employees. Offering financial literacy workshops or seminars can be immensely beneficial.
Here's how: Reduced financial stress: Benefits like health insurance, retirementplans, and paid time off provide a financial safety net, alleviating stress and anxiety about unforeseen medical bills, future security, and taking a break.
Providing opportunities for skill development, attending training programs, workshops, or conferences, and supporting further education can enhance their knowledge and capabilities. Sabbaticals provide employees with the chance to pursue personal interests, further their education, or simply recharge.
Gen Z, for instance, values mental health support and career development opportunities, while Baby Boomers may prioritize comprehensive healthcare and retirementplanning. Financial wellness as a cornerstone Economic uncertainties and the rising cost of living have pushed financial wellness to the forefront of benefits discussions.
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