“I just want someone to talk to …..And a little of that human touch” – The Case for Financial Coaching
Could the key to a successful financial wellness program for employees really be as simple as the lyrics to a Bruce Springsteen song? Maybe so.
Stressors in the workplace have existed since before the timeclock and for years, employers have been frustrated that vendor’s haphazard financial education programs are rarely well received by employees, let alone understood. All the while, employees have continued to report that a majority of their stress is caused by financial or money matters/challenges, which further impacts their productivity at work.
Now add on a global pandemic, which has caused further angst and worry. Charles Schwab recently published their August 2020 401(k) Participant Survey (conducted from May to June 2020) and 44% of respondents listed saving enough money for a comfortable retirement as the leading source of stress in their life, ahead of stock market volatility and job security.
Keep in mind, participants have long had access to online financial tools, including mobile apps, budgeting and money management software. So, why aren’t these tools making a positive impact on employee’s stress levels? One factor is that it’s extremely difficult for a mobile app or online program to capture the level of complexity when a participant has personal issues relating to student debt, divorce, family health, children and dependent care, or job changes.
What if more plan sponsors offered programs that pair the benefits of ever improving technology together with the human expertise/coaching element (either in-person or virtual)? Study after study show that when offered, participants would most likely take advantage of human coaching/advice rather than merely accessing online tools.
If employers are wanting better financial wellness outcomes for their employees, contact QPA to discuss opportunities where their plan participants would indeed have someone to talk to and a little of that “human touch”.
Securities offered through Private Client Services, Member FINRA/SIPC. Advisory services offered through Prime Capital Investment Advisors, LLC. (“PCIA”), a Registered Investment Adviser. PCIA: 6201 College Blvd., 7th Floor, Overland Park, KS 66211. PCIA doing business as Qualified Plan Advisors (“QPA”) and Prime Capital Wealth Management (“PCWM”). PCIA and Private Client Services are not affiliated.