There are many people in the United States who struggle with various aspects of their finances but are unsure with regards to how and where they can get advice in order to get these issues resolved. While most are aware that their employers provide assistance when it comes to retirement funding and pensions, a recent report has shown that many do not realize that the Human Resources departments at their places of work can also offer financial advice relating to other areas including personal finance, debt, and more.
More and more employers are now said to be providing workers with financial advice and resources over and beyond retirement funding. This includes savings, debt advice, budgeting and even mortgages in some cases. This means that employees who are keen to get advice and assistance with their financial issues and queries do not have to worry about going any further than their own HR department in many cases.
According to a recent study that was carried out, around 55 percent of employers now offer programs that can help employees when it comes to financial matters. Aon Hewitt carried out the study, which showed that more than half of employers offered advice on at least one other financial area in addition to retirement. Furthermore, the benefits consultation firm believes that by the end of this year the figure will have increased to around 77 percent.
Many employers are well aware of the importance of financial wellness for their employees. Financial worries such as debt and other money concerns can have a huge negative impact on the mental and physical health of workers. This in turn can lead to increased sick time, lower productivity and low morale – all things that employers want to avoid. By offering a financial wellness service in-house, it makes it easier for businesses to promote the overall wellbeing of their employees through helping them with financial matters.
Experts are advising all workers to find out from their employers whether there is any program in place to provide them with financial assistance. One official said that the availability of programs such as this could save workers a lot of time in terms of having to do their own research or contact outside agencies and professionals for help. It also means that they can get the advice and assistance that they need more quickly and with greater ease and convenience.