Research: Financial Worries Distract One in Three Employees
at Work
According to the
2017 PwC’s Employee Financial Wellness Survey, one in three U.S. workers are
distracted at work by their personal financial issues—and almost half of these
people say they spend three or more hours per week thinking about these issues.1
The more you can
help your employees allay financial fears such as a lack of sufficient
retirement savings, the more productive they can be. And merely providing a
defined contribution plan such as a 401(k) isn’t enough.
According to
PLANSPONSOR’s 2016 Participant Survey, four in 10 employees with access to a
defined contribution plan want more financial education at work.2
However, our new
webinar “Top Trends inRetirement Education at Credit Unions” examines how the annual
all-employee 401(k) enrollment meeting isn’t cutting it anymore—even as
research shows that employees need and want more information from employers
about saving for retirement.
Susan Reynolds,
Director at CUNA Mutual Retirement Solutions, uses case studies and proven best
practices that demonstrate how to tailor retirement education for your credit
union.
She features two
key points that can enhance the learning experience for staff members:
- You have to get the
attention of a diverse employee group. Reynolds explains how to target
communications to specific groups and cost-effectively expand the
educational tools available to them.
- Group meetings and
one-on-one sessions with professional retirement plan educators are still
effective, but they no longer have to be face-to-face, Reynolds says. They
can be augmented by on-demand, interactive learning tools, among other
options.
The case studies
she features show how a few credit unions have found new ways to deliver the
education employees seek.
- One credit union used
technology to leverage the expertise of plan provider educators. Employees
were able to learn in groups, or one-on-one, according to their needs and
preferences.
- At one credit union, a
particularly effective method is live a remote session showing how to use
the plan provider's online retirement planning tools and answering
employee questions. Employees also have the opportunity to ask questions
of a specialist privately, which can be critical to employee involvement,
Reynolds says.
- And, another credit union
was able to solve a timing problem, getting new employees the information
they need before they enroll in their 401(k)—which wasn't happening with
the credit union's existing qurterly meeting schedule.
The online
session shows you that, by adapting to individual learning styles, you can help
employees learn faster how to use their retirement planning resources, with
minimal interruption of their work schedule.
And, the more they master how to
save for retirement, the better it is for them and for your credit union
To learn
more, follow this link to
the recorded webinars in the Retirement Resource Center.
1. “2017
Employee Financial Wellness Survey,” ©2017, PricewaterhouseCoopers,
LLP.
2. “PLANSPONSOR
2016 Participant Survey,” ©2017, Strategic Insight, Incl.
