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Special Report

Financial Wellness

Benefits advisors and their employer clients are increasingly seeking information and guidance about offering financial wellness plans to their employees. Financial wellness can encompass many things, from financial education to voluntary products to budgeting and financial tools and more. This special report covers financial wellness from many perspectives, providing insight and strategies to help in the decision-making process.

Research

Financial literacy, not information simplicity, fuels good decision making

2 studies show financial literacy is more important than you thought.

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man thinking One study found that those who make bad retirement savings decisions do so because they’re financially illiterate, not because the information provided them is too complex. (Photo: Shutterstock)

This is one time where KISS (keep it simple, stupid) isn’t the answer, according to a new study from Texas Tech University.

The study used a hypothetical employer-sponsored 401(k) plan and looked at how the presentation of financial planning information impacts retirement-savings behavior. Researchers did not expect to find that simplifying the information did not increase plan enrollment rates among either group studied: new employees earning more than $50,000 and business school students.

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Marlene Satter

Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

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C.J. Marwitz

C.J. Marwitz

C.J. Marwitz is a writer and editor.

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