Concerned about financial strains, employees want more information about how to handle their retirement plans and personal debts.

Debt, retirement planning and budgeting are the top concerns of employees calling a financial helpline run by Financial Finesse, a Manhattan Beach, Calif.-based financial education firm.

Most frequently, they are seeking information about how to deal with creditors, strategies to reduce debt, whether they are eligible for a hardship withdrawal in their retirement plan, the pros and cons of taking a loan from their retirement plan, and how much they should be saving for retirement.

Amid the crisis in the national economy, basic budgeting questions are up 6% over the same period last year, with workers seeking information about how create a household budget, make ends meet and manage financial affairs after a divorce.

Liz Davidson, CEO of Financial Finesse, says people are being more proactive about getting control over their finances. "People are getting back to the basics and what can I do today" to get in better financial shape," she adds. "People are coming to reality, what they can and cannot afford."

Meanwhile, a new survey from the Certified Financial Planner Board of Standards reveals that 78% of investors are sticking to their existing financial planning strategies, while 57% are reviewing asset allocation and 48% are reviewing financial goals. Another 45% are moving assets to lower-risk positions, while 37% are rebalancing their portfolio.

Clients of financial planners maintaining their long-term financial goals, with 45% moving their assets to lower-risk investments and 40% taking advantage of the lower stock prices.

Register or login for access to this item and much more

All Employee Benefit News becomes archived within a week of it being published

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access