Financial Literacy and Group Retirement Education for your Employees
Studies have consistently shown that over 55% of the Canadian workforce is stressed about money. Over 40% of Canadians say that money stress affects their productivity at work. Which makes sense when you consider that 42% of Canadians lack basic financial literacy. High school graduates in this country can calculate complex trigonometry problems, recite Shakespeare and build a picture frame. However, very few are taught how to balance a budget, save for retirement or how insurance needs to be part of their financial strategy.
Money problems are one of the biggest contributors to stress and can negatively affect work performance. In this article we are discussing financial literacy and group pension education for your employees.
Many group retirement plans include the basics such as pamphlet or online information. However, there is still a large void in the group retirement education for Canadian employees. Financial education should be at the core of any financial benefit plan. Aligning the employer, employee, and the benefit plan is essential for the financial and professional success of your organization.
Leading employers are taking control of this education gap and connecting with group benefit agents that see the value in financial education. Employees appreciate this proactive approach and are far more likely to work for a company long-term if they feel that their employer has their best interests in mind. What better way to improve the morale in your workforce by offering a group benefits program that includes education on how to integrate the plan within their personal finances.
Group retirement education and financial literacy in general should be customized to suit your specific workforce. The financial concerns of a 25-year-old are very different from the retirement plans of a 50-year-old. Lessons should clearly explain financial concepts and address individual employee concerns after group sessions have occurred.
Companies that create a culture of financial success through the support of its executives and HR department empower employees to make confident and informed financial decisions. Employers prefer workers that are financially sound and reliable, it is important to put some of that responsibility on the primary employers and provide comprehensive group retirement education.
For more information on group retirement education and improving the financial literacy of your employees, contact the experts at DENT Benefits for a custom-fit group benefits solution.
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.