In 2010, 75% of Americans nearing retirement age had less than $30,000 in their retirement accounts. Whoa! Besides the daily stress factor, financial concerns can be a distraction during work hours and can contribute to increased employee absences, health problems, and higher company healthcare costs.
What's Going On?!?
Even though we all want to focus on the important aspects of retirement – where to travel, where to live, when is the next tee time – concerns are growing over medical costs and long-term care, as well as current job retention, large debt, and increased living expenses. According to the 2013 Employee Benefit Research Institute (EBRI) Survey, 49% of respondents feel they are "not too" or "not at all" confident they will be able to retire comfortably. The upside to this (if there is one) is that employees are turning to their employer for financial education and long-term planning support. And get this – they are responding!
Employers are recognizing the significant value in offering low-cost and easy-to-implement financial planning programs, including on-site money management and financial planning seminars that cover a range of topics. By offering these programs, employers are building loyalty, increasing productivity, reducing turnover, and improving job satisfaction.