More people have shifted away from defined benefit plans and more towards defined contribution plans, which means more employees are taking responsibility for their retirement plan.
Now is the time for worksite education to follow that shift and to evolve from “pre-retirement planning” of a selected few to the comprehensive, later-life planning that is needed by every employee. Workplace education must provide individuals with the knowledge, skills, and confidence to plan for as much as thirty years of life after the age of 65.
Financial education increases productivity and enables employees to focus on work activities rather than financial problems. Sixty-five percent of employers said that employees are less productive at work when worried about personal financial issues (MetLife, 2010). In that same MetLife study, 45% of employers acknowledged that financial education programs are effective at improving employee productivity (MetLife, 2010)