WCG - Employee Financial Education

"Briefing Employees on Financial Education and Retirement Planning Makes Sound Business Sense"
Released:                                                   11/17/2001
Location:                                                    Naperville, IL
For additional information contact:                Gary L. McClung

Finance Graphics Recent employee and consumer surveys how that an alarming percentage of workers either do not contribute at all to their retirement plan or have only achieved a small portfolio value (less than $15,000), in a time of decreased national savings rates and in an era where employers are shifting both benefit costs (health insurance, for example) and retirement investment risk and responsibility to employees.

As a result, the Wass Consulting Group, Inc. (WCG) has discovered through their wholly owned subsidiary Employee Financial Education Associates, Inc. (EFEA) that most employees are inadequately prepared to assume responsibility for retirement needs.

In a recently released Management Insight article, WCG discusses this issue and a possible remedy through an ongoing, yet relatively inexpensive, Financial Education and Retirement Planning Program (FE&RPP).

Why should an employer bother with educating employees on financial matters? Frankly, it makes good business sense. Research completed by the National Institute for Personal Finance Employee Education (NIFPEE) at Virginia Tech University suggests a potential return on investment of "at least 3 to 1". These returns are achieved through:

Reduced rates of absenteeism
Improved productivity, through less work time spent dealing with personal financial matters
Improved employee morale
Reduced "reluctance or readiness to retire", translating into improved opportunities for junior employees

For additional information, refer to our recent Management Insight Article titled "Financial Education and Retirement Planning Programs (FE&RPP) - A Needed and Inexpensive Employee Benefit". (PDF format) (DOC format)

  WCG provides general management consulting services exclusively to executive management. Traditionally employed by Boards of Directors, Chief Executive Officers, and other senior business executives on issues of significant strategic consequence to the business, WCG is fully committed to the business and market success of their clients, as measured by shareholder value.
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  Our services address the unique challenges that executive management and Board members face, including matters of mission, governance, strategy implementation, organization structure, business process transformation and re-engineering, and operational improvement as well as executive search and merger analysis, planning and integration.                          (WCG At-A-Glance)