Longevity Agenda: Providing Ongoing Financial Wellness Counseling

Longevity Agenda: Providing Ongoing Financial Wellness Counseling2018-09-06T09:58:50+00:00

LONGEVITY AGENDA ACTION ITEM: FINANCIAL WELLNESS

FINANCIAL WELLNESS

Provide ongoing, on-demand financial wellness counseling

Background

Economic security for aging workers won’t be magically realized in their last years at work. Financial wellness is a long-term game and requires early investment of thought and planning as much as money.

That said, giving employees the tools they need to prepare for a stable financial future does not have to be a complex undertaking. It does, however, require taking into account what employees really need, versus what employers think they need. As the article below by personal finance writer Richard Eisenberg highlights, more than anything, employees are seeking practical long-term financial guidance. This could come in the form of financial wellness advisory sessions at checkpoints throughout a career—a relatively small commitment from an employer with the potential for significant long-ranging impact.

Resources

Market WatchThose ‘financial wellness’ programs at work are failing. Here’s why | MarketWatch | Richard Eisenberg – Next Avenue

“The 2018 Bank of America Merrill Lynch Workplace Benefits Report surveyed 657 employees who participate in 401(k) plans and 667 employers who offer a 401(k) and a financial wellness program. Employers, the survey found, tend to focus on actions to manage workers’ immediate financial needs, like budgeting and handling expenses. But employees prioritize long-term financial goals, such as ways to help them save and invest for the future.

“When both groups were asked what would help improve employee financial wellness the most, employees wanted practical guidance that would ‘focus on the single next thing to do — one step at a time.’ By contrast, employers said: ‘considering the impact of employer benefits on overall personal finances.'”

Read the full article: Those ‘financial wellness’ programs at work are failing. Here’s why

2018 Workplace Benefits Report | Bank of America Merrill Lynch

“With many employees saying they are struggling, employers need to help their employees take action to address both their short- and long-term financial goals.”

Read the full report: 2018 Workplace Benefits Report

EMPLOYEES: Sign Open Letter

We are collecting signatures from individuals on an open letter to U.S. employers asking them to adopt our Longevity Agenda.

SIGN THE LETTER

EMPLOYERS: Sign Colleague Letter

We are asking supportive U.S. employers to sign an open letter to their peers encouraging widespread adoption of the Longevity Agenda.

SIGN THE LETTER

We’re doing everything we can to transform the way aging employees work and retire. But we won’t have enough resources to push hard on all the work ahead without your immediate support. 

Will you donate $10 or more now to help create a more productive and predictable future for us all? 

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