Focusing on Employees’ Personal Financial Well-Being Pays Off

Personal finances can have a huge impact on your employees’ overall well-being. When you care about your employees and your organization, it’s a no-brainer — you make sure you’re including financial well-being in all workplace well-being efforts. According to PwC’s 2017 Employee Financial Wellness Survey, financial stress is costing companies. 53% of all employees are stressed about their finances. Nearly 1/3 of all employees are distracted by personal financial issues while at work. Almost 1/2 of them spend 3 hours or more each week handling personal finances at work. Those who are stressed about finances miss work on account of their personal financial issues and often cite health issues caused by financial stress. “These findings are concerning and potentially significant for companies looking to evaluate the return on investment of a financial wellness program,” wrote Kent E. Allison, a PwC Partner and National Practice Leader. But, let’s be honest, there is more at …

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It Pays to Educate Yourself About Retirement Savings

It Pays to Educate Yourself About Retirement Savings

When it comes to saving for retirement, you are your own best guide and advocate. Only you know what you want your retirement to look like, so you have to take responsibility for saving the money you need to make it happen just as you envision. A University of Michigan study found the average 401(k) account has one trade every four years, which researchers dubbed “inattentive” management. “The difference between a well-invested account and one that’s not can be substantial, as much as 2% or more per year according to some studies,” says Celia Rafalko, a financial planner and CEO of Piedmont Independent Fiduciaries. If you want to accumulate enough money by the time you’re ready to quit working, you need to educate yourself about retirement savings and avoid falling into a pattern of inattentive management. Consider tapping these sources of information. Your HR Department Your company’s human resources team …

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