Companies Promoting Employees Financial Security And Retirement Preparedness
Majority of companies have raised hands that they will be boosting up their efforts this year to enhance financial health of their employees and strategize for employee well being beyond just retirement preparedness. Additionally, employers are also taking up the advantage of the defined contribution plans to alleviate costs and get better returns for employees.
More companies plan to offer additional resources to help employees boost their retirement savings.
Some highlights from the study:
- Online investment guidance will be 56% up from previous year with currently 69% employers offering it to their employees
- Around 53% employers will provide phone access to financial advisers who can help their employees in making investment decisions
- Approximately 49% will provide third party assistance for taking investment advice
- Nearly 47% employers will offer managed accounts
Although, employee populations are showing interest towards retirement readiness, yet the last year has seen a shift in focus towards related aspects and challenges of retiring. There are many dimensions to it, such as growing wealth, retirement enrollments, planning priorities, etc. When these dimensions are taken into consideration collectively, then only employees can get closer to preparedness.
Thus, the year has witnessed some great changes in the Employee Benefits industry having employees’ financial well-being as the focal point for employers. With employers giving options to give better understanding about investments and retirement savings, employees will be able to make sound investing decisions and take care their financial security.