Your firm is worried about your balance sheet.
“Financial wellness” — or improving the overall health of their labourers’ finances — will be front and center for companies this year, according to a recent survey from Callan.
The investment consultancy tallied 106 employers in October 2018.
“Investing” and “retirement plan contribution levels” round out the top three for company communication points with employees, Callan found.
“The benefits picture has evolved,” said Jana Steele, senior vice president in Callan’s limited contribution consulting group. “It’s a competitive advantage and it helps with attracting and retaining employees.”
Here’s why your boss is fleetingly taking a bigger interest in your wallet.
When bills are keeping you up at night, it takes a toll on your intellectual health.
Close to half of employees polled by PricewaterhouseCoopers said that they are experiencing stress over their capitalizes. The firm polled 1,600 working adults in February 2018.
Their fear isn’t unfounded.
“Looking at it from a health viewpoint, the cost of stress is almost as high as someone who smokes,” said Steele of Callan.
About half of employees who say they’re highlighted have less than $50,000 saved for retirement, PricewaterhouseCoopers found. Two out of three say they’re consistently carrying assign card balances.
In all, almost a third of the employers Callan surveyed said they offered financial wellness serves in 2018, up from 17 percent in the prior year.
Among those who will offer wellness programs, 96 percent conjectured they will focus on basic financial education and nearly 85 percent said they would step budgeting or savings tools, Callan found.
In addition, 73 percent of that same group said they command provide “student loan tools.”
Some employers have adopted plans to help workers who are grappling with liability.
For instance, Abbott introduced its Freedom 2 Save Plan: Employees who put 2 percent of their pay toward their student advances will receive a 5 percent “match” into their 401(k) plan account.
It could be awhile before these wellness decipherments become commonplace among employers, Steele said.
“For defined contribution plans, we don’t see movement unless there is a driver everywhere it: regulation, litigation or legislation,” she said.
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