Employees want face-to-face financial advice at work
May 13, 2015 10:19 AM
Overview
Household finances are a major concern for Americans, yet most have debt and are lacking a financial plan. A larger percentage of employees are seeking one-on-one guidance from an adviser through their employer, LIMRA research finds.
The study, Financial Triage: Assessing Consumer Wellness, looks at the relationship between objective measures of consumers financial situations and their stress levels. The report also gauges how well consumers understand financial issues and their interest in financial education.
[Image: Fotolia]
The study, Financial Triage: Assessing Consumer Wellness, looks at the relationship between objective measures of consumers financial situations and their stress levels. The report also gauges how well consumers understand financial issues and their interest in financial education.
[Image: Fotolia]
Face-to-face advice sought
38% of employees want access to one-on-one advice with a financial adviser through their employer
More than half of Generation Y workers (ages 25-34) want this benefit
[Image: Fotolia]
More than half of Generation Y workers (ages 25-34) want this benefit
[Image: Fotolia]
Most Americans in debt
A huge majority of Americans have some debt, and while most are not working with an adviser, consumers want more financial education.
82% carry debt
74% dont work with a financial professional
8 in 10 consumers want more financial education, with half looking for help with general budgeting
[Image: Fotolia]
82% carry debt
74% dont work with a financial professional
8 in 10 consumers want more financial education, with half looking for help with general budgeting
[Image: Fotolia]
Advisers help is much needed
Most Americans dont have a financial plan, and a large percentage arent saving for emergencies and/or retirement.
68% dont have a financial plan
67% dont have a monthly budget
42% have no rainy day savings
40% arent saving for retirement
[Image: Fotolia]
68% dont have a financial plan
67% dont have a monthly budget
42% have no rainy day savings
40% arent saving for retirement
[Image: Fotolia]
Finances cause stress
Daily stress that requires consumers time and attention and/or consumes their thoughts affects seven in 10 Americans in one or more common areas such as finances, health, work, relationships and day-to-day life.
42% of Americans said household finances caused somewhat high or very high stress levels compared to other areas of their lives
29% said personal health and work issues were sources of high stress
[Image: Fotolia]
42% of Americans said household finances caused somewhat high or very high stress levels compared to other areas of their lives
29% said personal health and work issues were sources of high stress
[Image: Fotolia]
Work is also a source of stress
Work is another source of stress that correlates with stress in other areas, but, here workers readily acknowledge the source. Half of full-time workers reported high stress from issues on the job.
"Four in 10 employees admit that stress is a distraction at work," says Jennifer Douglas, associate research director at LIMRA. "Yet, these workers are more likely to cite workloads, supervisors, co-workers and job security as the stressors and less likely to acknowledge personal issues as a distraction."
[Image: Fotolia]
"Four in 10 employees admit that stress is a distraction at work," says Jennifer Douglas, associate research director at LIMRA. "Yet, these workers are more likely to cite workloads, supervisors, co-workers and job security as the stressors and less likely to acknowledge personal issues as a distraction."
[Image: Fotolia]
Advisers can help lower that stress
"Consumers with the highest stress levels are looking for basic financial education like budgeting, reducing debt and understanding employee benefits, Douglas says. Effective financial wellness programs should address these fundamental topics, as well as retirement planning and other long-term interests.
[Image: Fotolia]
[Image: Fotolia]
