Do you thing Millenials consider retirement benefits valuable? Many millennials lack value for Retirement Benefits because of the lack of education they receive regarding their money. According to a survey conducted by the National Financial Educations Council, DreamCatcher Wealth Management, and The Minerva Foundation, 51.4% of young adults between ages 18 – 24 chose “money management” as their most valued course. In this article, we will explore how your business can benefit from offering such courses within the workplace..
Millennial Retirement Benefits – What is your goal?
I want you to take a moment and think back to the time when you first decided to offer benefits to your employees. Why did you do it? Was is because you were looking to recruit more employees? Were you looking to shape and promote your brand? What about making your employees as healthy as possible thus avoiding downtime?
Any an all these reasons justify the cause of purchasing group benefits, unfortunately, if you are not efficient in communicating the value these benefits bring to your employees, it is all in vain. Employee benefits, (specifically Retirement Benefits offered by a company) will have a low participation since these benefits are not properly communicated. This makes your benefits worthless for many American who lack Money Management skills and who are transitioning into retirement.
Are Millennials Better Money Managers than Baby Boomers?
According to the Retirement Savings and Spending Study from T.Rowe Price, found that Millennials with 401k’s have retail very good financial habits. That is to say, they have better habits compared to baby boomers in similar plans. Why is this important you might ask? Recall that earlier we asked what was your scope of offering benefits? Any reason you might give will validate the point of this article. To increase participation, you must educate your staff regarding positive Money Management skills.
Along side with group benefits, introduce money management seminars within the workplace. Have your broker conduct educational seminars regarding your other benefits Remember, time invested will bring more awareness within your company culture of the care and value you place on your employees.
We’d like to hear fro you. Tell us what unique was have you implemented in education your employees regarding the value of their benefits. If you have any further questions on this topic, feel free to contact us.