A new study by MetLife shows that employees are seeking even more retirement planning assistance from employers — and many companies are rising to the challenge.
MetLife's 9th Annual Employee Benefits Trends Study found that 52 percent of employees are interested in receiving financial advice and guidance at work. What's more, employees who are worried about personal financial problems are less productive at work, according to 78 percent of employers, and 81 percent of employees who have financial concerns that have affected their attendance or productivity admit they'd like financial advice in the workplace.
"The economic and financial turmoil of recent years has made it even tougher for employees to create a workable retirement income strategy and to envision financial challenges holistically," said Michael K. Farrell, MetLife's executive vice president, U.S. Distribution in a press release. "We know from our research that few employees are confident that they are making the right financial decisions for their families and want decision support in the convenience of the workplace, which has really become the foundation for such decision making."
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To that end, MetLife has created a series of new workplace educational tools designed to help employees better prepare for their financial futures. The PlanSmart series provides financial education to employees of all ages at no cost to employer or employee, building upon MetLife's comprehensive retirewise program for employees.
The PlanSmart program also includes workshops on managing credit, college funding, estate planning, financial solutions for families who care for dependents with special needs and more. Employees who want assistance outside of the workshop are given the option to consult individually with a MetLife professional on site or at home.
PlanSmart also includes decision support assistance for employees faced with life changes who may need education and guidance regarding their group life benefits. Transition Solutions aids employees who have a change in their group life coverage for any reason, such as retirement or leaving a company.
"Employees unquestionably want help, and employers are more aware than ever of the important role that benefits play in attracting and retaining talent," Farrell said. "Workplace financial education programs add to satisfaction with benefits and to increased employee loyalty. This is becoming increasingly significant as employers seek to contain costs and to maximize the return on investment of their benefits programs."
MetLife isn't the only company making an effort to increase financial education. BenefitsPro previously reported that MassMutual had launched the RetireSmart Ready tool to help plan participants save for retirement; the statement for the RetireSmart Ready program recently earned the DALBAR Communications seal for effectively transmiting its message to consumers.
Other companies, both on the employer side and on the carrier side, are broadening their education efforts, as well. As the demand for financial education increases, and the availability becomes more available, those companies that don't provide it may face challenges with retention and recruitment.
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