When employees are financially insecure, everything from mental wellness to work productivity can suffer. While benefits around saving and retirement can help everyone, employers should also recognize that each generation may need more specific support.
Support needs to start with education: The average American loses more than $1,500 per year due to lack of financial understanding, and just over half are considered financially literate, according to a report from research company MarketWatch. When it comes to saving and investing, their research found more than 40% of people — and over half of Gen Z — are not familiar with Roth IRA’s, money market accounts and high-yield savings accounts, and 70% of those who have access to a 401(k) don’t use this benefit.
