Companies offering free financial advice for employees - New York News

Companies offering free financial advice for employees

Updated:

By: Michael De Groote, Deseret News

Sometimes employees need some extra help from their employers.

According to a story by Marianne McCune at NPR, one employer, Andrew Rosenkranz who has a market research firm near Seattle, sees employees in financial trouble.

Sometimes they need money to help out a family member. Other times, Rosenkranz notices they are not taking advantage of the firm's 401(k) and matching contributions.

So Rosenkranz started bringing in financial advisers to help his employees get their financial houses fixed up.

According to a look at employee benefit offerings in the U.S. by the Society for Human Resource Management, many organizations are offering investment advise to their employees: "Organizations also offered financial planning benefits such as investment and retirement preparation advice. Overall, 74 percent of organizations offered some form of investment advice."

But fewer offer basic personal finance advice. "This training could include helping employees manage their assets, understanding basic financial concepts, and income planning for college savings and debt management," the SHRM report says. "Twenty-five percent of organizations offered one-on-one financial advice, 24 percent offered online advice and 20 percent offered in-group or classroom financial advice."

A review of the issue in Research Works looked at how many employees have problems with finances from paying for gas to paying rent or other expenses.

"Financial problems have clear negative consequences on worker health and job performance," the Research Works article says.

Workers with financial distress, for example, typically report poorer overall health.

Unfortunately, the article says "the number of employees who have difficulties with financial management far exceeds the resources offered by companies and communities to help them."

EMAIL: mdegroote@deseretnews.com

Twitter: @degroote

Facebook: facebook.com/madegroote


Original Post

Copyright 2013 Deseret Digital Media, Inc.

  • Local NewsLocal NewsMore>>

  • Camilla's brother dies in New York after head injury

    Camilla's brother dies in New York after head injury

    Wednesday, April 23 2014 11:04 PM EDT2014-04-24 03:04:50 GMT
    The brother-in-law of the Prince of Wales died Wednesday after falling outside a hotel bar and suffering a head injury, police said. Mark Shand, the brother of Prince Charles' wife, Camilla, Duchess of Cornwall, was in New York for a charity auction at Sotheby's.
    The brother-in-law of the Prince of Wales died Wednesday after falling outside a hotel bar and suffering a head injury, police said. Mark Shand, the brother of Prince Charles' wife, Camilla, Duchess of Cornwall, was in New York for a charity auction at Sotheby's.
  • Deep split in Port Authority over unfinished WTC tower

    Deep split in Port Authority over unfinished WTC tower

    Wednesday, April 23 2014 9:03 PM EDT2014-04-24 01:03:40 GMT
    Board members of the Port Authority of New York and New Jersey revealed a deep split Wednesday over the agency's role in effecting the completion of the long-delayed 3 World Trade Center project, with some commissioners lauding the effort and others expressing grave concerns. The discussion at the monthly board meeting offered a rare glimpse into the negotiations that have been going on behind the scenes in recent months.
    Board members of the Port Authority of New York and New Jersey revealed a deep split Wednesday over the agency's role in effecting the completion of the long-delayed 3 World Trade Center project, with some commissioners lauding the effort and others expressing grave concerns. The discussion at the monthly board meeting offered a rare glimpse into the negotiations that have been going on behind the scenes in recent months.
  • God's Love We Deliver virtual bake sale for birthday cakes

    God's Love We Deliver virtual bake sale for birthday cakes

    Wednesday, April 23 2014 6:36 PM EDT2014-04-23 22:36:46 GMT
    God's Love We Deliver provides meals to people in the New York City area who are too sick to shop and cook for themselves. Clients also receive birthday cards that are decorated by local school students. Sometimes a cake is the only birthday gift that God's Love's clients will receive.
    God's Love We Deliver provides meals to people in the New York City area who are too sick to shop and cook for themselves. Clients also receive birthday cards that are decorated by local school students. Sometimes a cake is the only birthday gift that God's Love's clients will receive.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices