Amanda Schiavo

Specific, well thought out educational strategies can help the workforce reach their retirement goals.

Inadequate financial literacy is a problem for the majority of Americans. Fintech CEO Uzrad Lew chats with EBN about solutions.

The LearnLux scholarship will be awarded annually and provide recipients with the guidance, resources and tools necessary to pass the CFP exam within 19 months.

Employees often ignore their 401(k)s when they change jobs, leaving valuable assets behind.

Employees will receive personalized insights, guidance and tools to build a financially secure retirement.

Employers have evolved and recognize the importance of discussing and supporting employee well-being.

“Financial wellness is front and center [for employers], so the partnership between Betterment and Lumity made perfect sense,” says Amit Ahluwalia, Lumity’s national employee benefits practice leader.

Younger workers are more prone to monetary concerns than their older counterparts, due to a lack of savings and other factors, a recent survey found.

Helping employees reach a financially stable retirement is a top priority for employers.

“What this tool does uniquely is it takes the depersonalized delivery of benefits and really helps the individual determine how best to get the most out of their benefits,” says Voya’s Andrew Frend.

“The mindset has shifted in terms of how we need to be able to lead and support a virtual workforce,” says Edward Jones CHRO Kristin Johnson.

The majority of U.S. workers do not have enough savings to help them in the event of a medical emergency and often turn to their retirement funds for help.

One of these snags is taxation on clients’ retirement income, which can hurt their cash flow.

“We believe every single employee of a company should have access to advice,” says Stephen Ulian, head of institutional distribution at Bank of America.

“Tackling student debt is vital today if we hope to set employees up for long-term financial success,” says Scott Whatley, president of E-Trade.

“If retention is an important factor for an employer, financial wellness is quite worth the investment,” one benefits consultant says.

Underestimating their needs, many make decisions that are suboptimal or worse.

Under the Labor Department’s final regulation, firms in different industries will be allowed to establish a joint retirement plan provided they operate in the same state or metropolitan area.

Prospects are further aggravated by the disappearance of pension plans and the financial woes facing Social Security.

Clients have to increase their risk exposure to ensure they don’t outlive their savings.