Personal financial problems have an impact on the health and productivity of employees, and study after study shows that fewer workers have the financial literacy to make effective choices.
Employees are now too busy or distracted to take advantage of the financial education material that’s provided. The information available through a typical 401(k) provider, for example, is outstanding (along with great modeling tools, videos, etc.). The problem is that, while employers can put great material and tools in people’s hands, they too often can’t act on it, or it’s not available at the right time – or they don’t have the right incentives to overcome the many issues stopping them from participating in the retirement program.
So what can employers do to break through the many barriers that employees face in becoming financially “fit”? In this Benefits Quarterly article, Lori Block (Principal, Communication and Client Technology in our Engagement practice) and Ted Goldman (formerly Managing Director and Retirement Leader in our Wealth practice) discuss those barriers and recommend a new, whole-person approach to wellness and how to design the right incentives for success.