Chat with us, powered by LiveChat

It’s Time to (re)Educate Your Employees on Their Financial Benefits

It’s Time to (re)Educate Your Employees on Their Financial Benefits

It’s Time to (re)Educate Your Employees on Their Financial Benefits

April is National Financial Literacy Month. It’s a good opportunity for all employers to evaluate how well their organization supports the financial well-being of their employees, as well as spotlighting the financial benefits available.

Start with your retirement plan. Does your company offer 401(k) matching? Of the eligible employees that aren’t participating, why not create a Financial Literacy Month awareness campaign around retirement planning? Review your plan, emphasize the benefits of the company match and encourage employees to contribute enough to at least earn all of your matching dollars.

I encourage people of all ages to maximize their retirement contributions from annual compensation increases before doing anything with after-tax dollars.

David Kilby | President of FinFit

Does your company offer an HSA plan? If so, offer a Lunch-and-Learn where the plan is discussed and employees can ask questions (and everyone likes free lunch!). Educate them on the triple tax benefit they receive with an HSA along with how this type of savings can be utilized.

What about life insurance? Schedule a separate opportunity during Financial Literacy Month to talk about your company-sponsored life insurance, especially if you provide a small amount of coverage for free or at a competitively low rate, and how it differs from purchasing an outside policy – and why owning both may be advantageous.

If your company offers a financial wellness program, share links to corresponding educational courses available through your program to support your message and further educate your employees on retirement, day-to-day financial planning, saving money, using credit wisely and paying off debt. You could even include some of these courses within your brief benefits presentations to help your employees become more financially savvy.

The key is playing an active role in the financial well-being of your workforce. Do not reserve these conversations for annual open enrollment. Rather, make financial literacy a part of an ongoing commitment toward improving the lives of those who work for you.

Need some direction on what type of financial wellness program you should offer?
Contact us for a free consultation.

Comments are closed.

Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

The FinFit Visa® Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A., Inc. FinFit Loans are not sponsored, endorsed, administered by, or associated with Central Bank of Kansas City, the issuer of the FinFit Visa® Prepaid Card, who has no liability in relation to FinFit Loans. Residents of Connecticut, New Hampshire, Rhode Island and Vermont are not eligible for the FinFit Visa® Prepaid Card. This does not constitute an offer or solicitation for the FinFit Visa® Prepaid Card to residents of those states.

The FinFit Visa® Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A., Inc. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule. If you have any questions regarding the Card or such fees, terms, and conditions, you can contact us toll-free at (833) 519-3500 – 24 hours a day.

WageNow is fully funded and managed by an affiliate of FinFit.

A per-transaction fee of $5 is charged if and when an employee chooses to access their earned wages prior to payday. There are no other fees to your organization or your employees; WageNow is fully funded and managed by an affiliate of FinFit.

Residents of California, North Dakota, South Dakota, Tennessee and Vermont are not eligible for WageNow. This does not constitute an offer or solicitation for WageNow to residents of those states.

FinFit Loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. Loans subject to credit approval.

Residents of Colorado, Connecticut, Iowa, Vermont, West Virginia, Nevada and Massachusetts are not eligible for loans.

Nothing on this website constitutes an offer or solicitation for loan products to residents of those states.