The Center for State & Local Government Excellence notes that with many local governments shifting benefits decisions to workers, those workers need help understanding finance basics.
It will be available to all clients and joins a number of other financial wellness programs that ADP already makes available.
Employees expressed concerns about budgeting, health care and emergency funds, and low levels of knowledge about financial and retirement topics were reported.
Few employers surveyed by the Employee Benefit Research Institute (EBRI) currently consider the financial wellness initiatives as “holistic” programs, and they noted challenges to offering these programs.
UBS Equity Plan Advisory Services released financial wellness digital content offering to equity compensation plan participants, which the firm says is a step towards a broader workplace financial wellness rollout to its corporate clients.
For a company with 50,000 employees, this could lead to a savings of $65 million to $97 million a year, Financial Finesse found.
Advisers and their plan sponsor clients will have access to financial planning technology and a hub of deployable assets, including a financial wellness assessment to identify top priorities.
Ten percent more employers than in 2016 that offer retirement programs are measuring the financial readiness of employees to retire, a survey found.
The importance of measuring return on investment and addressing participants’ short-term needs.
A look at consolidation, the role of recordkeepers and the importance of financial wellness programs.
Yet, nearly three-quarters (71%) of those responding to an EBRI survey who said debt was a major problem worried about finances at work.
The new offering, iGrad's Enrich financial platform, goes beyond investment and benefits planning to provide the foundational information and insights needed to help consumers not only improve financial literacy, but also sustain it over time.
The second whitepaper in a series says a successful financial wellness program helps employees achieve financial security by bridging short-term needs with long-term goals.
The solution will focus on behavioral change by providing personalized wellness plans, according to MetLife.
Robert Gibson, fiduciary consultant at Centurion Group, says there is pressure on advisers from plan sponsors about what they can offer participants, and the challenge is how the program will be paid for.