Companies offering free financial advice for employees - New York News

Companies offering free financial advice for employees

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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.

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