Financial Education Can Pay Off for Both Employers
and Employees
With
decreasing numbers of workers covered by traditional pension
plans and uncertainties about the future of Social Security,
the need for individuals to effectively plan for the financial
aspects of retirement has increased in importance. An individual’s
financial literacy is a key determinant of whether he or she
truly is able to plan “effectively.” One way to help workers
improve their financial literacy is through workplace financial
education programs.
Financial
education can cover explanations of a company’s retirement
plan, investment basics, and general information about the
financial markets and economic conditions. This information
can be presented in various formats: enrollment meetings,
seminars, written communications (such as newsletters, paycheck
stuffers, and worksheets), and interactive online programs.
A glance through these lists makes it clear that an employer
can spend just a little, or a lot, on financial education
efforts. Given that any kind of financial education efforts
carry some price tag, it’s appropriate to ask, “What’s the
payoff?” of the investment in financial education, for both
employers and employees.
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Biotechnology
Advances Fuel the Pharmaceutical Industry
Over
the last three decades, our biotech industry has brought many
breakthrough treatments and new options to patients suffering
from a wide range of illnesses, including cancer, diabetes,
and multiple sclerosis, and experts predict that list to grow
even larger in the coming years. However, both the expected
growth and high price of biotech drugs have forced health
care industry leaders to take steps to manage their impact
on health care costs.
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Employee Depression Leads To Lost Productivity, And
High Cost For Businesses
At
any given time, one in ten employees suffers from depression.
The consequences of depression in the workplace—in terms of
absenteeism and lost productivity—is estimated to run at $52
billion annually. According to employees who suffer from depression,
this illness hampers their ability to work effectively in
many ways: 83% lack motivation, 82% have difficulty concentrating,
62% find tasks overwhelming, 45% arrive late for work or leave
early, 24% experience chronic physical pain, and 20% have
difficulty dealing with coworkers.
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Single 401(k)s Offer Attractive Features for Self-Employed
Business Owners
If
you own your own business and have no full-time employees
other than immediate family members, you may be eligible to
set up your own 401(k) plan. But why would you want to? Well,
for starters, 401(k)s offer higher contribution limits than
other retirement plans available for small businesses. Also,
you may be able to take loans from your 401(k), which provides
more flexibility than IRAs and most other retirement savings
vehicles. Single 401(k) plans are advantageous for many small
businesses, including sole-practitioner professionals, freelance
writers or artists, computer consultants, and other independent
service providers.
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