A new study from McGraw Hill Federal Credit Union reports that 36% of Americans spend a minimum of two hours handling their personal finances – or just worrying about them. In many cases, the time spent is as much as “half the day.”
McGraw Hill Federal Credit Union President and CEO Shawn Gilfedder says April, when taxes are due, is the perfect time to get employees to deal better with their savings, as well as paying bills or appeasing creditors. Of the more than 1,000 respondents to McGraw Hill’s research, most spend the same amount of time worrying about their finances as they do actually managing them.
“Many people are feeling the pain of financial insecurity and the toll it can take on everyday lives not to mention the potential loss of time and productivity at work for employers,” Gilfedder says. “There’s often a great deal of stress associated with personal finance issues. Financial wellness, and the workplace that fosters it, can go a long way towards providing solutions that increase productivity and peace of mind.”
McGraw Hill recommends financial literacy seminars, as well other education efforts and products designed for ease-of-use, such as low-maintenance accounts or retirement plans. Employers should be wary of tax preparation time that encroaches on a worker’s day job.
“Many people today are also looking to do business with financial institutions that deliver financial education through a caring, needs-based approach,” Gilfedder says. “We’re seeing that consumers want to do business with financial institutions that have their best interests in mind.”
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