Prioritizing Financial Wellness: 3 Employee Resources to Pass Along
Employee financial wellness matters. That's why employers should offer accessible resources for plan participants, such as retirement planning support and savings tips.
It may be surprising to learn that just half of Americans have tried to calculate how much money they'll need in retirement. Less than a third of them feel comfortable having the necessary savings when they retire, according to the 2024 Retirement Confidence Survey from the Employee Benefits Research Institute.
Employers of all sizes are realizing that supporting their employees' financial wellness should be a priority. Why?
- It's difficult for financially stressed employees to maintain peak levels of productivity.
- Giving employees a resource-rich retirement plan can help demonstrate that you see them as individuals, not an expendable commodity.
- Financial wellness tools help employees feel more confident in their ability to save, now and for the future.
As an organization, it's important to acknowledge potential financial and retirement challenges and offer tools and resources that demonstrate your commitment to employees' financial wellness.
3 resources for plan participants
1. Share financial education tools and resources that are part of your retirement plan. For example, ADP plan sponsors and participants can access Achieve, ADP's financial literacy education program. With a range of tech tools, communications and access to live support, Achieve empowers employees with financial education to help them reach their goals:
- Educates about plan terms, choices and investment options
- Explains the benefits of saving for retirement using a 401(k) plan
- Enables employees to make informed decisions about planning for their future needs
2. Blog articles, including thought leadership articles found here on SPARK, are excellent resources for your employees. (Subscribe to receive monthly digests.) Share SPARK with participants so they can tap into insights, emerging trends and tips from subject matter authorities, entrepreneurs, business writers and consultants on topics ranging from asset allocation to investing during inflation.
3. Podcasts are becoming an increasingly popular educational avenue. ADP's biweekly Retirement Success Pod(k)ast series addresses timely topics, including changing perceptions about money, pre-tax versus after-tax saving, and common barriers to saving. The Retirement Success Pod(k)ast is available on iTunes, Spotify and many other popular platforms.
Make employee financial wellness a priority
Please share these and other credible resources with plan participants. If your retirement plan doesn't offer such resources, consider one that does. Achieving financial wellness is crucial for employees and for the health of your business.
To learn more, contact an ADP retirement planning services specialist to discuss your retirement plan options or call (800) 432-401K.
The Retirement Success Pod(k)ast may contain information and opinions derived from proprietary and nonproprietary sources deemed to be reliable. The accuracy of those sources are not guaranteed, and the podcast does not recommend, compensate or endorse third-party guests, products or services. ADP retirement Services, ADO Broker-Dealer, Inc. is a division of ADP, Inc. Investment options are available through the applicable entity(ies) for each retirement product. Investment options in the "ADP Direct Products" are available through either ADP Broker-Dealer, Inc. (ADP BD), Member FINRA, an affiliate of ADP, Inc., One ADP Blvd, Roseland, NJ 07068 or (in the case of certain investments) ADP, Inc. Only registered representatives of ADP BD may offer and sell ADP retirement products or speak to retirement plan features and/or investment options available in such ADP retirement products.
ADP, Inc., and its affiliates do not offer investment, tax, or legal advice to individuals. Nothing contained in this article is intended to be, nor should be construed as, particularized advice or a recommendation or suggestion that you take or not take a particular action.
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