How to know what financial services your employer offers
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Financial wellness services are in demand and employees are looking to their employers for help. According to Alegeus, a consumer-focused healthcare company, 69% of workers say their employer does not offer any financial support or benefit when it comes to wellness. Additionally, 57% said they would like to take advantage of these benefits in the future, and 62% said it is the responsibility of employers to provide them.
So, if you are having financial difficulties or just want to deepen your financial knowledge, it is important to know if your employer offers any financial wellness programs.
To select investigated to begin with if you are interested in participating in your employer’s financial wellness programs.
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How to know what financial services are offered by your employer
In July, PayPal CEO Dan Schulman and Chipotle CEO Brian Niccol appeared on CNBC’s “Squawk Box” and talked about investing in the financial well-being of their employees, or lack thereof.
âWhen we surveyed our employees, almost half of them were struggling to make ends meet,â Schulman said. This reflects the financial situation of many Americans, as only 39% of Americans can afford an emergency expense of $ 1,000.
With this grim reality at hand, the two companies, along with Chobani, Even, Prudential Financial and Verizon have formed the Worker Financial Wellness Initiative. This initiative demonstrates a commitment to making the financial well-being of employees a top priority.
While some companies try to be more proactive in communicating the benefits they offer, it can always be difficult to find what is available in your job. So, if you are looking for financial resources from your employer, where should you start?
Start by speaking with your human resources department
Your company’s human resources department will be able to direct you to all the potential resources they have, including an EAP (Employee Assistance Program), which offers a wide range of legal, financial and health services, or other similar program offering financial planning assistance. Be sure to ask if the benefit is free or if there is a fee for using it.
For example, at NBCUniversal (parent company of Select), all employees have the benefit of speaking to financial advisors for free. Ayco, the personal money management arm of Goldman Sachs. Ayco’s goal is to partner with employers to provide financial wellness coaching to employees, including assistance with retirement, tax planning, budgeting, building an emergency fund. , buying a home and more.
It may seem daunting to meet with a financial advisor, but think of it like going to the doctor. You will simply get a checkup and be directed to solutions to any problems you may be facing. And whether you are a personal finance expert or someone who is starting from scratch, everyone can benefit from a bottom line.
In addition, you can visit the employee portal of your company. You will likely find a section listing the benefits you are entitled to, including how to set up a financial coaching session.
How to schedule a meeting with a financial planner or coach
If your employer offers financial wellness services, your next step should be to brainstorm questions for the financial planner you meet.
It can also be helpful to have a folder of recent financial documents so that you can provide the most accurate picture of your finances. CompassIowa, an Iowa-based financial services company, recommends that you bring the following items to your first meeting:
- Recent pay slips
- Recent tax declarations
- Debt account statements (i.e. credit card statements)
- Investment and retirement account statements
- Bank account statements, annuity accounts and life insurance policies
- And any other document relating to debt, income or assets
Once you have gathered these documents, think about what you want to take away from the coaching session. Financial advisors or coaches can help you with basic personal finance knowledge such as: how to budget, how to start saving for a home, a debt repayment plan, or debt consolidation. Or if you need advice on more strategic things like retirement, making a will, or liquidating investments, they should be able to help you on those topics as well.
Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.