Financial education in the news- Consumers Take More Proactive Approach to Long-Term Planning
In response to the recession, consumers have regrouped and are doing the best they can to rebuild their financial foundations. That's one of the findings from "Trends in Consumer Financial Issues Q1 2010" from research firm Financial Finesse Inc. Consumers are showing signs of improved cash management and financial responsibility. Reactive, event-driven calls, such as "how do I make ends meet," are being replaced with proactive, goal-driven calls, such as "how do I create a spending plan." Financial Finesse's research is compiled by tracking calls through its financial service helpline, which is available to more than 500,000 employees from more than 300 organizations. Credit Union Times, July 21, 2010 - New Research Released by Financial Finesse Shows Employees' Gaining New Consciousness about Their Finances
Financial Finesse, the leading provider of workplace financial education programs, released today its Q1 2010 report on employee financial trends. The report is showing increasing evidence that the recession may have an enduring impact on employees' outlook toward how they handle their finances, as they continue to take a more proactive role in bettering their financial situations. Financial Finesse, Inc., May 25, 2010 - Teaching Workers How to Budget
More workers at the financial services firm were turning to an employee assistance program. But in addition to seeking help with the typical legal- or family-related concerns, the staffers were asking questions about a spouse who had lost a job, about a depleted retirement account or about paying for a child's education. SmartMoney, May 6, 2010 - Managing Retirement Plan Changes
Question:
We are constantly making changes to our retirement plan. The problem is employees are confused because changes happen so rapidly, and sometimes even changes that we consider to be positive are being taken out of context. How can we catch up on the communication side so employees are clear on our current retirement plan design? Answer:
We recommend a three-step process to manage retirement plan changes so employees understand the changes you are making and have the tools to make informed decisions about the changes ... employersweb.com, August 2010 - What your Employees and Pro Football Players have in Common: Lack of Retirement Readiness
With all their money, houses, cars and jewels, I never imagined that professional athletes needed financial counseling. I just thought that since they could wallpaper their bathroom with $100 bills, they had it all figured out. It was only folks like me who needed help learning how to budget, plan, save and invest properly. Turns out, not so. Employee Benefit News, November 1, 2009 - Companies Step Up Benefits Communication to Combat Unions
As discussions around the Employee Free Choice Act heat up in Congress, employers are stepping up their communications to employees about the benefits they offer as a way of combating unionization efforts. Workforce.com, July, 2009 - Testimony of Liz Davidson before the Department of Labor's ERISA Advisory Council Working Group, hearing on "Financial Literacy and the Role of the Employer."
"Any firm that offers a retirement plan should provide employees with financial education around how to make informed decisions on how to use these plans to achieve their retirement goals .... The risk ... is that employees assume they are set for retirement, only to have a rude awakening when it is time to retire." Liz Davidson, September 19, 2007
See all Press & Awards Recent reports- Trends in Employee Financial Issues: Q2 2010
In Q2 2010, we saw an increase in financial stress among employees, but rather than retreating in denial, employees seem to have taken this as a wake‐up call and are motivated to action. As a result, they are taking control—becoming more proactive with retirement planning as well as other longer term issues and making improvements to their overall financial situation. Financial Finesse, Inc., August 2010 - Latest Behavioral Change Results
Summary of results compiled from 1492 workshops conducted between January 1, 2007 - April 15, 2009 given to participants 30 days after the workshop to measure what changes they have made since. Financial Finesse, Inc., May 2009 - Research on the Gender Gap in Financial Literacy
43% of calls from women were regarding debt, with half of those relating to strategies to reduce debt. (36% of calls from men were regarding debt) Financial Finesse, Inc., May 2009
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