“Workers throughout the United States are struggling with managing their finances, and that stress could spill into their company’s bottom lines.” That’s the opening line of this PLANSPONSOR Article about a recent Mercer study.
It does not get much clearer than that. There are many reasons an employer might care about its employees’ financial wellness. Some maybe more parental or emotional in nature. It’s become quite clear that the company’s financial wellness is another.
The survey includes many insightful observations and findings:
- “A growing number of employers across the globe are beginning to recognize the importance of financial wellness as a core pillar of total well-being. They understand that when employees are comfortable with their ability to meet their financial obligations, they’re more likely to be productive and engaged at work.”
- On average, people spend 13 hours per month working about money matters at work. One in six employees spend more than 20 working hours each month worrying about money.
- “Helping individuals become more confident about engaging in financial issues – that is, building what we call financial courage – appears to be far more important than building financial literacy.”
- Those employees who use a financial advisor demonstrate higher confidence levels. Among those who would categorize themselves as “Extremely Knowledgeable” regarding financial matters, 73% use a financial advisor.
- Financial wellness is a very personal, individualized concept. It doesn’t mean the same to everyone, as employees have a diverse set of financial concerns and priorities.
If you’re working with QPA, we highly recommend that you talk with your advisory team about the ways in which upcoming educational meetings can support and enhance the financial wellness levels of your employees. Whether you work in HR, finance, or some other department, it’s quite clear that their financial wellness is good for you and your organization.
Matthew loves to write. He also loves to think, though he’s probably a better writer than a thinker. He does not like to be on camera or in videos. This blog will allow him to write, challenge his ability to think, and, from time to time, test him with video blog entries.
He has a unique blend of legal and practical experience that helps us to serve our clients well. On the one hand, he has more than 12 years of private legal practice experience focusing exclusively on employee benefits, including time as a partner in an employee benefits boutique where he has represented clients in front of the DOL and IRS. On the other hand, he holds his FINRA Series 7 and 66 registrations and serves as the Director of ERISA Services for Qualified Plan Advisors.
Matthew likes to stay active. He provides fiduciary training, Investment Policy Statement design, and vendor oversight to our clients. He is an active member of the Employee Benefits Committee of the American Bar Association Tax Section, serving as Chair of the Defined Contribution Plans Subcommittee. He also has been appointed to the IRS TE/GE Gulf States Council and is a frequent speaker on regulatory developments, fiduciary responsibilities, and retirement readiness.
Most importantly, he stays active with his family. His wife, Laura, is the founder of REbeL, Inc., a not-for-profit organization. His three young boys are mixed up in far too many sports, and they enjoy traveling, watching college football, running with Dad, and rooting for the Huskers.
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