Are your employees' financial worries affecting your bottom line?
Seven in ten workers are stressed over their finances, which has both physical and psychological impacts that can affect workplace productivity, according to a recent article in 401k Specialist magazine.
No surprise, then, that an emphasis on overall financial wellness for 401(k) plan participants is trending in the retirement community.
Employers can improve their employees' financial wellness by helping plan participants understand that taking control of their total finances can lead to positive outcomes in many other areas of their life. Financial wellness is just that—wellness from being informed and in control.
Enhanced education beyond the 401(k) plan teaches participants how to deal with things such as debt, college loans, large purchases and budgeting. By assisting with real-life situations, financial wellness can help individuals understand and make adjustments in their everyday lives to ease financial pressures. Once they're in control, participants can learn about more advanced topics from financial wellness programs to increase their financial literacy.
By helping employees reduce the stress of financial burdens, you create a positive change that impacts everything from their work habits to their savings.
The Big “I" MEP 401(k) Plan has a great online portal to help you and your participants achieve their financial goals. The My Financial Fitness section contains a wide array of personalized tools engineered to boost financial literacy in an easy and engaging way. It incorporates topics for every stage of life, pinpointed knowledge building exercises, how-to tutorials, games, progress tracking and webinars.
The Big “I" MEP 401(k) Plan, available exclusively to Big “I" members, has helped many agencies fulfill a part of their fiduciary obligation by reviewing their plan expenses and educating them on the true cost of their plan.
If you are interested in a free, no pressure, apples-to-apples comparison for your current plan, complete our contact form and send it to Christine Muñoz.