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>>

  • MTA, union reach deal for transit workers

    MTA, union reach deal for transit workers

    Thursday, April 17 2014 5:09 PM EDT2014-04-17 21:09:38 GMT
    Transit officials and the union representing about 34,000 city subway and bus workers reached a tentative contract deal that would include raises and new benefits but require higher health insurance payments, both sides and Gov. Andrew Cuomo said Thursday.
    Transit officials and the union representing about 34,000 city subway and bus workers reached a tentative contract deal that would include raises and new benefits but require higher health insurance payments, both sides and Gov. Andrew Cuomo said Thursday.
  • Dance raves for kids at NYC's hot clubs

    Dance raves for kids at NYC's hot clubs

    Thursday, April 17 2014 4:21 PM EDT2014-04-17 20:21:39 GMT
    A dance party for kids and tweens looks like a rave or perhaps a wild night at the club. But actually, many of the people at this party probably just learned how to tie their shoes. Twin brothers Tyler and Tristin recently had a FUZIPOP party in Manhattan to celebrate their 10th birthday. Never heard of a FUZIPOP party?
    A dance party for kids and tweens looks like a rave or perhaps a wild night at the club. But actually, many of the people at this party probably just learned how to tie their shoes. Twin brothers Tyler and Tristin recently had a FUZIPOP party in Manhattan to celebrate their 10th birthday. Never heard of a FUZIPOP party?
  • Ex-NBA player: Re-entry tougher than serving time

    Ex-NBA player: Re-entry tougher than serving time

    Thursday, April 17 2014 4:05 PM EDT2014-04-17 20:05:09 GMT
    Jayson WilliamsJayson Williams
    New Jersey Gov. Chris Christie and the federal prosecutor investigating political payback allegations involving the Republican's administration are both set to speak at a prisoner re-entry conference on Thursday.
    Former NBA player Jayson Williams says trying to re-enter society after serving time for shooting a limousine driver was more difficult than being in prison.
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