In at present’s difficult economic system, the identical outdated worker advantages simply do not reduce it anymore. Confronted with excessive inflation and an uneven inventory market, staff are demanding a wide range of new monetary wellness perks that transcend the 401(ok). However in lots of circumstances, they could want monetary advisors’ assist to utilize them.
That is the upshot of a brand new examine by Arizent, Monetary Planning’s mother or father firm, which surveyed 200 executives and H.R. professionals at firms throughout the nation. The examine is titled “Discovering the Proper Instruments to Assist Monetary Wellness,” and it may be considered right here.
From these employers’ solutions, it is clear that staff need extra assist with their funds. Two-thirds (66%) mentioned their staff have been financially pressured. Seventy-six p.c mentioned they have been dealing with calls for for increased salaries, and 50% mentioned staff have been asking for higher advantages to cowl rising out-of-pocket prices.
In response, many employers have begun providing further advantages, together with monetary literacy coaching, supplemental medical insurance and entry to monetary advisors. The issue is staff do not at all times benefit from them, in lots of circumstances as a result of they do not know how.
“It is tough to ask for a particular profit if staff aren’t conscious it exists — or if they do not perceive how the profit works,” the examine mentioned. “Till these advantages turn into extra extensively out there, this chicken-and-egg conundrum … could also be more likely to proceed.”
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That is the place monetary advisors can are available. Wealth managers will help educate shoppers about what their advantages are, the right way to use them and what monetary issues they will help resolve.
This is a have a look at a number of the new advantages that employers are more and more providing, and that shoppers might more and more ask about: