Are your employees on track for retirement?
Build a culture of financial literacy and help employees understand key investing concepts.
How do your employees rank when it comes to financial literacy? Do they feel confident in their retirement plans? Eighty-five percent of Americans report feeling stressed about their personal finances, so it’s smart to assume at least some could use a little extra help addressing their biggest financial concerns.
Respondents to a survey by the National Endowment for Financial Education cited that saving for retirement is the second most common stressor, with nearly a third (31%) saying they’re worried about it. (In the number-one position is having enough emergency savings.)
Stressed-out people are rarely at their best, and financial stress can create distractions that eat away at employee productivity and interfere with critical thinking and decision-making. That stands to make employees’ financial stress an employer’s problem.
Offering ways for plan participants to improve their financial literacy may help move the needle on their stress levels and have a meaningful impact on their overall sense of wellbeing. And that, in turn, could pay dividends in retention, attendance and productivity.
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