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Financial Literacy: Interesting reads

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Imagine it’s Monday morning. You have your coffee and you’re all ready to go to work, when your car won’t start. The tow truck takes your car to the mechanic who quotes you $600 for the work you need. Today, 63% of American adults (nearly two out of three) do not have $500 in savings to deal with such an emergency, according to a study from Bankrate. Despite being fully employed with a steady income, they still have no access to affordable credit.

With statistics like that, there is a good chance the person in the story above could be your employee. But unless you have been in this situation yourself, it’s easy to miss its inherent Catch-22. In the current system, you need credit to get good financing. But you had to have had a loan or a credit card to start building credit. Read more at Forbes

      

This is one time where KISS (keep it simple, stupid) isn’t the answer, according to a new study from Texas Tech University. The study used a hypothetical employer-sponsored 401(k) plan and looked at how the presentation of financial planning information impacts retirement-savings behavior. Researchers did not expect to find that simplifying the information did not increase plan enrollment rates among either group studied: new employees earning more than $50,000 and business school students.

Instead, those who make bad retirement savings decisions do so because they’re financially illiterate, not because the information provided them is too complex.  Read the rest at BenefitsPRO

      

      

Financial wellness in the age of anxiety

One of the hottest topics in corporate boardrooms and among HR professionals these days is financial wellness. There is now a wealth of evidence that employees who feel financially secure are more engaged and productive. The opposite is also true – financially stressed workers are much more likely to take days off and be distracted and unproductive when in the office. At the extreme, stressed out workers who are truly disengaged can have toxic impact on others.  Click here for more at BenefitsPro

Click here to lean more ways to reduce financial distress and improve financial well-being.
The PFW Scale™ is an effective way to evaluate employee financial stress. Click here to learn how your organization can benefit by using the Personal Financial Wellness Scale™
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