Employees Need Financial Wellness to Succeed in Retirement Savings
Employees Need Financial Wellness to
 Succeed in Retirement Savings

Employees need your help to be successful in saving for retirement, according to a report by Bank of America Merrill Lynch.

The Bank of America Merrill Lynch Employer Benefits Report found that 85 percent of employees say they are not saving enough for retirement, 75 percent do not feel in control of their personal finances, and 90 percent feel some degree of stress. This leads to less productive, distracted, and stressed employees at work, but employers can fill this gap through financial education.
How can you help your employees?

The Employer Benefits Report suggests these steps:
  • Work with your human resources personnel to construct a comprehensive financial wellness plan and present it to employees.
  • Make clear the connections between benefits offered to employees.
  • Help employees understand, use, and appreciate existing benefits.
  • Encourage employees to consider aspects of financial life beyond employment benefits and understand how they work together to influence their total financial wellness.
  • Provide information, tools, and education to employees through a variety of channels, such as monthly finance tips, information on the employer Intranet, employee newsletter, etc.

Ohio Deferred Compensation can assist in educating your employees about personal finance, retirement issues, and understanding investment options through our Field Account Executives. Field Account Executives can come to your worksite to present seminars and help employees learn more about the Program and its services. See who your Field Account Executive is and schedule time for them to meet with your employees.