Complimentary, no obligation individual consultations with a Financial Coach are available along with the workshops – included as part of the overall FBN program.
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Education is the Key
We start with the fundamentals so that complex financial jargon is neutralized, simplified, and easy to understand. Both the one-hour worshop and more comprehensive seminar options provide practical information that is useful immediately.
The personal touch of workplace sessions is integrated with the online material offered at the Financial Learning Center and Your Employee Benefits Depot modules of the FBN program.
Bridging Personal Finances with Employee Benefits
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- “Personal financial literacy is at the very core of happiness in life. When compared to employees with poor financial well-being, financially – well employees have higher job performance, less absenteeism, better health, and less turnover.”
Source: Dr. E. Thomas Garman, Personal Finance Employee Education Foundation
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I) Younger Employees – Starting Out in the Workforce
“For these employees, who are focused on acquiring possessions, buying homes, building families, and are worrying about future education costs, it is important to interest them in balancing their needs to spend with the need to have a financial plan to meet their short and long term goals.
Source: Edgar W. Brick, Financial Planning, Employee Benefits News
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II) Experienced Workers and Younger Baby Boomers
“Achieving financial security is a complex problem that is not getting any easier. Baby Boomers are rapidly approaching their retirement years. The ever changing tax codes move investment alternatives in and out of favor. Families grow, children age, unforeseen expenses arise. Countless workers are in deep financial trouble without even realizing it.”
Source: Scott Tirus, “Cover the Basics in Financial Education” HR Magazine
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III) Pre-Retirees and Retirees
“About 75% of pre-retirement income is necessary to enable the retired person to maintain his/her previous level of spending and living. Some expenses will decrease: Work-related expenses and taxes will be lower. Housing may be lower, depending on where you live. Bad news: inflation will affect your buying power and health expenses will rise.”
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With nearly 75% of all employees living paycheck-to-paycheck, personal finance issues can adversely affect the work performance. To combat this growing trend, employers are increasingly offering workplace personal financial education for their employees as part of their benefits program. They see this as a real need to help their employees.
Further, they see this as an opportunity to fulfill obligations imposed by the Employee Retirement Income Security Act (ERISA), and recent Depart of Labor (DOL) guidelines. Since 1990, DOL has encouraged employers to provide financial education to help workers better understand their employer-sponsored retirement plans.
The top 10 reasons why employers embrace workplace financial education include:
1) To increase participation in and contributions to 401(K), 403(B), and other retirement plans.
2) To help workers improve their personal financial wellness.
3) To help workers remove obstacles to fully funding their retirement plans.
4) To increase employee loyalty and morale.
5) To improve workers’ chances to retire early or on time.
6) To reduce workers’ stress.
7) To increase workplace productivity.
8) To reduce the incidence of employee theft.
9) To help employers avoid lawsuits.
10) To remove limits on tax-deferred savings for highly compensated employees.
Source: Workplace Financial Education Works by Kenneth Kelly; streetdirectory.com
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