At Work

Participation in financial wellness programs needs boosting 🤑 but will that do the job? Spending is the real problem.

NEW ORLEANS — Why do employees fail to participate in financial wellness programs when they say they want them? The answer is tied up with pride, according to SunTrust’s financial well-being executive Brian Ford. “They think that by participating in the program that it will negatively reflect on them both personally and professionally,” Ford said at the Benefits Forum & Expo, explaining that many fear showing up and being “only one of seven dudes in the room.” To help them overcome their worries, Ford urges employers to make it clear that the program is for everyone and not target “folks with 401(k) problems” or those making “only $10 an hour.”

Source: Participation in financial wellness programs needs boosting | Employee Benefit News

What people say they need to know:

How much? 🤑 In accumulated funds will I need to retire?

When? 🤑 Can I retire?

What does it cost? 🤑 To retire.

Taxes? 🤑 How much will I pay in retirement?

I am not sure that someone else can tell you when you can retire or how much you will need to maintain your lifestyle, but the fact that is what people ask about demonstrates the extent of the retirement planning problem.

And here is the essence of the problem; the part of planning for retirement that largely goes unrecognized.

https://www.aboutschwab.com/schwab-401k-participant-survey-2018

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2 replies »

    • What a joke – people making $10 per hour saving for anything in today’s economy. Then having to work fast food in retirement. #NOT ME! I quit working at age 50 because of crap jobs that paid less than $9 per hour. I even delivered newspapers in Montana winters – 27 below for 22 months, every day 365 without a day off, for $600 per month, no more.

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