Purchasing Power Examines the Importance of Employers Providing Financial Wellness Education

ATLANTA, March 2, 2015 /PRNewswire/ -- Purchasing Power today released its latest white paper that shows employers that they need to incorporate financial wellness education programs that foster behavior change if they want to reduce employees' financial stress and thereby improve workplace productivity.

"Money Smarts: Helping Employees Make the Grade" studies the affect financially-stressed employees have on their company and the need for a financial wellness education program. It examines the employer's role and outlines the elements of a successful financial wellness education initiative. According to the white paper, employers can help their employees with short-term and long-term financial issues, but only by providing education to help workers change the course of their financial behavior will they make better financial decisions going forward.

"Employers may introduce a new benefit or two that put a band-aid on their employees' financial stress or help with a short-term financial issue, but only a financial wellness education program is going to address the real problems and begin to change behavior," Elizabeth Halkos, Chief Revenue Officer explains.

Interesting research findings in the white paper, based on an online survey conducted by Harris Poll on behalf of Purchasing Power in December 2014 among full-time employees nationwide, include:

• While Millennial workers (ages 18 to 34) appear to be the most affected financially, data suggests that a good percentage of all three generations in the workforce have financial struggles – as 47 percent of Millennials, 39 percent of Generation X (ages 35 to 49) and 25 percent of Baby Boomers (ages 50-68) say they do not have at least $2,000 in emergency savings for unexpected expenses that could occur.
• Overall, 40 percent of employees say that they would take advantage of financial wellness education opportunities made available through their or their spouse's employer. Looking at that interest on a generational basis, 45 percent of Millennials would take advantage of it; 43 percent of Generation Xers; and 32 percent of Baby Boomers.
• The type of financial wellness education that employees say would help them, along with the percent interested in that type of education, are:
  • Saving for retirement – 37 percent;
  • Paying off debt – 33 percent;
  • Investment advice – 37 percent;
  • Budgeting – 21 percent;
  • Personal finance coaching – 14 percent;
  • Saving for children's education – 14 percent;
  • Buying a home – 12 percent; and
  • Understanding and building credit – 11 percent.

The white paper points out that some industry experts predict that financial wellness is the next big trend in 2015. Worksite wellness is expanding beyond health wellness to include a financial wellness component, helping employees ease economic stress, overcome money challenges and promote financial health.

"It's time for employers to take a more active role in their employees' financial wellness," Halkos concludes.

Methodology
The survey was conducted online within the United States by Harris Poll on behalf of Purchasing Power from December 15-17, 2014, among 2,016 adults ages 18 and older. This online survey is not based on a probability sample and, therefore, no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact Reva Harris at [email protected]

About Purchasing Power, LLC
Purchasing Power is one of the fastest-growing voluntary benefit companies in the industry, offering a leading employee purchase program.  Purchasing Power is available to 7.6 million people through large companies – including Fortune 100s – and government agencies. The company was honored for "World Class Service" by Smart Business, recognized as one of the fastest-growing companies for seven years on the Inc 500|5000, and is one of "Atlanta's Best and Brightest Companies to Work For." Headquartered in Atlanta, Purchasing Power is 'Powering People to a Better Life™' through its employee purchase program, financial literacy efforts and charitable contributions. Purchasing Power is a Rockbridge Growth Equity, LLC Company. For more information, visit www.PurchasingPower.com.

About The Harris Poll
Over the last 5 decades, Harris Polls have become media staples.  With comprehensive experience and precise technique in public opinion polling, along with a proven track record of uncovering consumers' motivations and behaviors, The Harris Poll has gained strong brand recognition around the world. The Harris Poll offers a diverse portfolio of proprietary client solutions to transform relevant insights into actionable foresight for a wide range of industries including health care, technology, public affairs, energy, telecommunications, financial services, insurance, media, retail, restaurant, and consumer packaged goods. Contact us for more information.

Media Contact:
Juliann Kaiser, 770.643.0615
[email protected]

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SOURCE Purchasing Power

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https://www.purchasingpower.com

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