Last year it was 70. Now 80 is the “new 65”.
Middle class America is expecting to push out full retirement even later due to financial worries. We’re also expecting to have to save more. Yet almost half of us haven’t worked out how long we can last on what we’ve got already.
According to Wells Fargo’s new survey:
A recent study by Fidelity and the NBGH revealed that employer spending on wellness programs grew 43% to $154/employee in 2010. This level of growth and investment provides evidence that wellness
Start with a Financial Health Assessment
initiatives are: (1) becoming much more comprehensive and (2) demonstrating tangible business value.
In our own experiences with HR professionals, we see the expansion every day. Wellness strategies are evolving and many employers are looking to better understand how employee money issues are impacting the productivity of their organization.
Historically, presenteeism has been a word used to describe sick employees
Financial Wellness ROI
who “tough it out” and come to work but operate far below normal productivity. But, there are many types of presenteeism. There could be any number of reasons why an employee checks out and productivity suffers. And, while presenteeism is a relatively new term, you likely have some established policies in place for helping employees stay focused at work. For instance, over half of US companies have blocked access to Facebook, Twitter and MySpace. Presenteeism, in its entirety, is a huge productivity issue that far exceeds that of absenteeism.
MetLife released its 8th installment of its Annual Study of Benefits Trends on Monday. In comparison to prior
Employee financial issues a central theme in this year's survey
years, the themes of employee financial security and benefits communications played a more prominent role than ever before. This was a natural emphasis given the backdrop of economic volatility and a renewed employer focus on benefits cost control.
We wanted to highlight and provide my perspective on three key points that came out of this year’s study:
Back in 2000, April was declared “Financial Literacy for Youth Month.” Now, it’s just “Financial Literacy Month.” Over the course of the last decade, it seems that us grown ups have shown that we really don’t know much more about money than our kids do – and therefore the Senate decided to drop the “youth” bit and include us adults in their call for better financial education.
Using credit for money
Just last week, the Senate approved legislation increasing the federal government’s borrowing limit by $1.9 trillion. When signed into law the federal government will be able to borrow more money than at any time in our country’s history, making our total national debt a mind numbing $14.3 trillion. And this will only allow us to pay our bills through 2010!
In an upcoming Webcast, financial wellness experts from GuideSpark will discuss the increasing need for employers to address employee financial education and health – while realizing a return on investment of over 3:1.
Poor employee financial health is having a negative impact on organizational objectives and productivity. Four out of five employees in financial distress spend time at work dealing with such financial issues – resulting in a 12 to 20 hour drain on productivity – each month.
Employee financial health issues are negatively impacting key organizational objectives and should be a key priority among employers, advises GuideSpark.
Forward-thinking companies that implement financial wellness initiatives can expect a return on investment of over 3:1, according to recent studies.
In its new white paper, “The Need for Financial Wellness,” experts from GuideSpark (formerly ThriveOn) discuss the advantages available to companies that take ownership of the financial health and wellness of their employees.
For nearly 30 years, employees have been coached that the best way to save for retirement is to take advantage of tax deferred investing, most prominently through their 401(k) plans. This strategy has always been anchored in the hope that lower tax brackets await us during our retirement years. But current economic realities are causing many in the financial community to question whether tax deferred saving remains a healthy long term strategy for employees.
GuideSpark, Inc. unveiled its Web-hosted workplace financial education service, a comprehensive approach that helps employees make better use of their organization’s benefits and achieve financial security.
The GuideSpark Benefits and Open Enrollment Learning Center is designed to help employers grappling with how to effectively educate employees on workplace benefits. Engaging multimedia lessons provide in-depth and self-paced information about increasingly complex benefits offerings. GuideSpark provides anytime access to benefits education, and can be customized to support key HR events like open enrollment, new hire training and benefit program changes.
The company’s Financial Wellness Center helps employees avoid pervasive financial distractions that add stress, lower productivity and adversely affect health. GuideSpark experts point out that major employers are beginning to get the message: IBM, Pepsi Bottling Group, and Home Depot have already implemented financial education and planning programs for their employees.
