Research

Financial Finesse employs a Think Tank of Certified Financial Planners™ to research trends in employee financial issues by analyzing Financial Finesse’s primary research on employees’ financial questions and concerns as well as hundreds of other industry and government resources.

The Think Tank is also responsible for measuring the success of different financial education programs and establishing industry best practices.

  • 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

  • Trends in Employee Financial Issues: Q1 2010

    So far 2010 is shaping up to be a step in the right direction, with consumers becoming more proactive about long-term financial planning and continuing to show improvements in managing their expenses and their debts. This is a continuation of the trend we saw last year, of consumers regrouping and rebuilding their financial foundations in response to the recession.

    Financial Finesse, Inc., May 2010

  • 2009 Year in Review-Executive Summary

    The recovery is tepid from a consumer standpoint, with consumers only marginally better off in Q4 2009 than they were a year ago. Debt calls did decrease from 39% of calls in Q4 2008 to 35% of calls in Q4 2009, a sign that consumers overall are beginning to recover, but other data revealed consumers are not out of the woods yet.

    Financial Finesse, Inc., February 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

  • Retirement Plan Success: A Tale of Three Hospitals

    Financial Finesse works with children’s hospitals around the country to help them maximize the value of their retirement plan, manage critical plan design changes, and address employees’ financial issues. In all cases, we’ve customized the programs to meet the hospital’s specific needs and in all cases the hospital’s needs and objectives have been different. Most programs combined live workshops with personalized financial counseling and coaching. Others incorporated online education to reinforce the learning and reach employees with untraditional work hours who couldn’t attend workshops.

    Liz Davidson CEO and Founder of Financial Finesse, May, 2005

  • Research on How Financial Education Changes Employee Behavior

    The survey was sent out 45 days following the launch of a comprehensive financial education program at Arkansas Children’s Hospital. There was a 60% response rate with 56 employees responding.

    Financial Finesse, February 2005

  • Case Study: Hospital Doubles Retirement Plan Participation

    There’s been a trend towards live, personalized financial education and away from online content and advice for the last couple of years, still many have questioned whether financial education really works. Now the numbers are starting to show that this approach can be remarkably successful if implemented correctly. The Children’s Hospital of Pittsburgh partnered with Financial Finesse and doubled their plan participation in less than a year with a comprehensive, heavily marketed personalized financial education program available to all benefits eligible employees.

    Children’s Hospital of Pittsburgh Case Study, July 2004

Best Practices for Managing Retirement Plans

  • Retirement Readiness Programs For Employees Close to Retirement

    A recent USA Today study on retirement preparedness, it was reported that, on average, an American aged 50 to 59 has just over $54,000 saved in a retirement plan at work. Financial planners recommend having at least $1 million to retire comfortably-or more-depending on your lifestyle.
  • The Retirement Education Revolution: What It Means for You and Your Clients

    Today, as the boomer generation hits their 60s, they are redefining the retirement landscape as well. Once considered a passive time when you stopped working and relaxed, “retirement” for this generation means living longer and pursuing more active lifestyles than ever before.
  • Behind the Numbers: The Retirement Revolution

    A quiet revolution is going on in the retirement planning industry. As a financial education company working directly with pre-retirees and retirees, we at Financial Finesse see evidence of it every day in the faces and questions of Baby Boomers who are preparing for a transition that is both exciting and terrifying, in numbers unheard of before. Increasingly, the questions are not financial. They are personal.
  • Helping Employees Understand the Pros, Cons of Hardship Withdrawals

    Some companies offer hardship withdrawals in lieu of loans against the retirement plan. Typically, the withdrawal is processed after the employee requests it with no questions asked. So, how can education be used as a gatekeeper and to help employees become aware of the pitfalls and their alternatives?
  • Tips to Increase Participation Among Lower-Compensated Employees

    If your company failed retirement plan discrimination testing, or you are concerned that you will, here are some ideas for targeting lower-compensated employees to increase participation…
  • Using Financial Education To Increase 401(k) Participation

    Sometimes, the biggest barrier to plan participation is lack of knowledge. For employees that have little or no experience investing, a 401(k) plan can be very intimidating. One of the most effective ways of increasing plan participation is to ensure your employees receive adequate financial education about your plan.
  • Responding to Requests for 401(k) Loans Without Providing Advice

    Many employers are faced with this dilemma as employees use their 401(k) funds to pay down debts, purchase a home, or cover medical expenses. Offering a loan provision in your retirement plan is an important feature that provides employees access to their money when they need it.

Best Practices for Managing Employee Benefits

  • How to Increase Pay Satisfaction With Financial Education Programs

    According to CareerBuilder, 27 percent of job leavers cite compensation and career advancement reasons, making this the principal factor affecting employee turnover.
  • How a 529 Plan Helps Employees Save Money

    Since the early 1980s, college education costs have been rising at double the rate of inflation. It is no wonder that almost 50 percent of parents with children under age 18 indicate their number one financial goal is to ensure their children go to college.
  • Change Management Easier with Financial Education

    Although not much different from recent years, the situation was less than ideal. Employees were lured away with promises of more pay or better benefits. The recruitment machine chugged along at full capacity. There was constant training for new hires.

Best Practices in Financial Education

  • How to Measure ROI of Your Financial Education Programs

    One of the most common questions we receive from HR managers is how to measure the return on investment (ROI), or the success, of their financial education programs.
  • Best Practices for Educating Younger Employees About Retirement

    Today, most companies are focusing retirement planning efforts on the Baby Boomer generation out of necessity. However, more proactive firms are beginning to take notice of Generations X and Y, understanding that getting these employees to start saving for retirement now will ward off a retirement crisis later.
  • Educating Your Pre-Retirees

    As Baby Boomers prepare for retirement, companies are scrambling to provide resources to ensure their comfortable retirement.
  • Financial Helpline: A Growing Employee Benefit

    We live in a world where employees’ financial issues can have a huge impact on their company, and vice versa. Where there was once a separation between employees and employers, now the fates of their finances are inextricably linked.
  • Retirement Plan Advisor Roundtable on Financial Education

    Financial education is rapidly becoming an emerging employee benefit–one that is either in place or being considered by the nation’s most prestigious and innovative companies.

Best Practices for Member Education: Credit Unions Only